Follow Through Selling for Wheat

Following the downward momentum from last week’s Wednesday, wheat futures are down another double digits going into the day session. Kansas City HRW wheat futures led the descent on Tuesday with 2.78% to 3.04% losses. Chicago wheat futures were also down 2.3% to 2.96% on the turnaround Tuesday. Spring wheat closed the day 20 1/2 to 21 3/4 cents in the red. Oats Futures Prices  firmed up on follow through strength out of the weekend, going home with a 7% gain in the July contract. At $6.74 1/4, July oats were nearly 50% of the way back to their April LoC high. 

Reuters News mentioned the Russian blockade may begin to allow humanitarian shipments of Ukrainian sourced grain through the Black Sea. No details were given regarding quantities, timeframe, grains permitted, nor destination exclusivities. 

Reports from the Rosario Board of Trade suggest Argentinian wheat farmers have forward contracted 8.2 MMT of wheat for export. That compares to 2.4 MMT at the same point last year and 1.4 MMT in 2020/21. Rosario Grains Exchange cites the urgency to book wheat to the global market before the export quota is filled. 22/23 wheat planting in Argentina is in the beginning stages. Wheat planting is also underway in Brazil, with CONAB reporting 16.2% of the crop was planted as of 5/14. 

Jul 22 CBOT Wheat  closed at $11.54 3/4, down 35 1/4 cents, currently down 33 3/4 cents

Cash SRW Wheat  was $10.95 3/8, down 35 1/4 cents,

Jul 22 KCBT Wheat  closed at $12.37 3/4, down 38 3/4 cents, currently down 34 1/2 cents

Cash HRW Wheat  was $11.85 5/8, down 38 3/4 cents,

Jul 22 MGEX Wheat  closed at $12.77 1/4, down 21 1/4 cents, currently down 29 1/4 cents

Sep 22 MGEX Wheat  closed at $12.77, down 20 1/2 cents, currently down 29 cents