Red Wheat Into Weekend

Friday wheat trade has the midday board double digits in the red. SRW prices are 22 3/4 cents to 28 3/4 cents lower. KC HRW is down by as much as 22 1/2 to 23 3/4 cents lower. Some of that is attributed to harvest pressure as the combines move into Kansas. Spring wheat futures are down by 23 1/4 to 26 1/2 cents so far. As a reminder the market is closed on Monday in recognition of Juneteenth. July options expire next Friday. 

Day 4 from the KS Wheat Harvest report had notes for 30-40 bpa fields in Meade county. Some earlier planted fields were 10-15 bpa. Protein reports ranged 11 to 15.5%. In Dodge county, yield reports were all over the place, though 35 is the most consistent estimate. Proteins were marked near 12-13%. 

The FranceAgriMer sees wheat conditions at 65% good/ex, down 1% point wk/wk. 

The European Commission reported wheat exports reached 25.9 MMT through 6/12. That is up 2.7% from last year’s pace with the last half month to their season. 

Jul 22 CBOT Wheat  is at $10.52, down 26 1/4 cents,

Cash SRW Wheat  is at $9.93 1/4, down 25 3/8 cents,

Jul 22 KCBT Wheat  is at $11.26, down 22 1/2 cents,

Cash HRW Wheat  is at $10.79 3/4, down 21 1/4 cents,

Jul 22 MGEX Wheat  is at $11.83 3/4, down 25 1/4 cents,

Sep 22 MGEX Wheat  is at $11.85 1/2, down 24 cents,