Wheat Markets Pushing into Black

After earlier weakness in the session, wheat markets are back in the black. Chicago is gaining 1 3/4 to 2 3/4 cents but is up 40+ cents off the lows. KC wheat futures are up by 2 3/4 to 7 1/4 cents so far. Spring wheats are rallying double digits with 15 1/4 to 19 1/4 cent gains. Spring what futures were down by more than 25 cents earlier on Thursday. 

USDA’s Export Sales data showed a net 2,317 MT of old crop wheat cancelations. That came as Italy, Nigeria, Philippines, and Canada while Mexico and unknown reduced their book. The FAS report had 298,245 MT of wheat exports through the week, with Japan as the top destination. New crop sales were 246,263 MT during the week of 5/19. That left the forward book as 3 MMT going into the season – down 14% from last year’s pace. 

Wheat fields in central KS will get a drink according to the 7-day QPF from NOAA. A pocket of 2-2 1/2” accumulated rain in the center of the state will bring at least a half inch to the rest of KS. Northeast TX and OK will also get residual precip from the system, but the bulk of TX will miss out. 

USDA’s Ag Attache reduced their 22/23 wheat crop estimate for India by 11 MMT to 99 MMT- citing heat stress. 

The EU reported wheat shipments at 24.13 MMT as of 5/22. That is down just 100k MT from last year’s pace. 

Jul 22 CBOT Wheat  is at $11.48 1/2, up 1/4 cent,

Cash SRW Wheat  is at $10.90 3/4, up 3/4 cent,

Jul 22 KCBT Wheat  is at $12.37, up 3 3/4 cents,

Cash HRW Wheat  is at $11.84 3/4, up 3 5/8 cents,

Jul 22 MGEX Wheat  is at $12.94 3/4, up 14 1/4 cents,

Sep 22 MGEX Wheat  is at $12.93 1/2, up 13 cents,