Double Digit Losses into Thursday Wheat Trade

Front month wheat futures are down by double digits going into the Thursday session. Wheat futures traded in a wide range on Wednesday, to the tune of nearly 50 c/bu in July SRW. At the bell, Chicago SRW futures were within just a penny and a half of UNCH. KC wheats ended the day 2 to 5 cents in the red. Front month Minneapolis wheat futures closed down by as much as 15 3/4 cents. 

Day 7 reports from the KS wheat harvest mentioned some hail damage around North Central’s Ellis County, with harvest pace from 33% to 40% complete. Of the non-damaged fields, yields were reported from 25-35 bpa and 11.3% protein. In Southeast KS’s Cowley County, self reported yields are running about 20% below normal. 

Japan’s MOA is on the market for 168,330 MT of wheat to be sourced from U.S., Canada, and Australia. Algeria booked 600k MT of optional origin wheat. Tunisia is tendering. Pakistan is seeking 500k MT of milling wheat. Bangladesh is said to have requested 200k MT of Russian wheat. 

Wire reports suggest a Russian missile strike destroyed or damaged two large grain terminals in Mykolaiv earlier on Wednesday further decreasing already slim odds of Ukrainian exports by sea. 

Russia’s SovEcon sees 22/23 wheat output at 89.2 MMT, a 600k MT boost from their prior estimate. The UkrAgroConsult estimated Russia’s wheat crop at 85.4 MMT, which was also up by 1.9 MMT from their prior forecast. 

Jul 22 CBOT Wheat  closed at $9.76 1/2, up 1 1/4 cents, currently down 18 cents

Cash SRW Wheat  was $9.18, up 1 5/8 cents,

Jul 22 KCBT Wheat  closed at $10.39 1/4, down 2 cents, currently down 24 1/2 cents

Cash HRW Wheat  was $9.93 5/8, down 2 cents,

Jul 22 MGEX Wheat  closed at $11.06, down 11 3/4 cents, currently down 15 3/4 cents

Sep 22 MGEX Wheat  closed at $11.05 3/4, down 12 1/4 cents, currently down 18 1/2 cents