Wheat Fading Thursday Morning

Heading into Thursday’s day session, domestic wheat markets are dropping double digits. Wheat futures spent time on both sides of UNCH on Wednesday. Chicago wheat futures closed 3 to 6 cents higher in the front months after printing 20-30 cent ranges. KC wheat futures ended the day with 5 to 7 cent gains. Front month spring wheat futures closed the day 7 1/4 to 9 3/4 cents higher. 

Pre-report estimates ahead of USDA’s Export Sales data show traders anticipate seeing between 75k MT of net cancelations and 50k MT of net new sales for old crop wheat during the week that ended 6/2. New crop wheat sales are estimated to be between 250k and 500k MT. 

Traders surveyed expect USDA to reduce the 22/23 U.S. wheat crop to 1.719 bbu on Friday. That would be a 9.9 mbu cut from their May figure if the average is realized. SRW and white winter wheat is expected to offset HRW losses with a net 3.6 mbu winter wheat bump to 1.177 mbu expected on average. 

Jul 22 CBOT Wheat  closed at $10.74 3/4, up 3 cents, currently down 18 1/4 cents

Cash SRW Wheat  was $10.16 on Wednesday, up 3 3/8 cents,

Jul 22 KCBT Wheat  closed at $11.55, up 5 3/4 cents, currently down 15 cents

Cash HRW Wheat  was $11.06 ¼ on Wednesday, up 5 7/8 cents,

Jul 22 MGEX Wheat  closed at $12.34 1/2, up 7 1/4 cents, currently down 9 1/2 cents

Sep 22 MGEX Wheat  closed at $12.33 3/4, up 9 cents, currently down 8 cents