Wheat Futures Working Lower

Front month wheat futures are trading deep red through Monday’s midday. CBT SRW is down more than 20 cents per bushel across the board. KC HRW futures are giving back 15 1/2 to 18 cents at midday. Spring wheat sare trading 7 to 9 cents in the red.

Day 10 of the KS wheat harvest reports covered fields in central KS’s Barton and Marion Counties. In Barton, yield reports averaged low 50s with a 40-65 bpa range on 11 – 14% protein. Reporting from Marion suggested that most fields were in the 50s up to 62 bpa. Some fields had Wheat Streak Mosaic Virus hurting yields to the low 20s. 

Weekly wheat exports were reported as 352,404 MT for the week that ended 6/23. That was up 4k MT wk/wk and 61k MT yr/yr. The accumulated wheat export program reached 1.34 MMT through 6/23 data, compared to 1.54 MMT at the same point last year. 

Wheat harvest in France was marked at 2% complete, starting just a bit sooner than last year. AgriMer reported conditions as 64% good/ex as of 6/20. That is down 1% from the week prior. Russian wheat exports were marked at 36 MMT according to Interfax. That trails last year by 5.5%. 

Pakistan is on the market for 500k MT of milling wheat. Reports on the wire suggest Egypt booked 180k MT of wheat from India. 

Going into Thursday’s NASS reports, traders are looking for 21/22 wheat ending stocks to be 655 mbu on average. That compares to 845 mbu last year and matches the June WASDE. The full range of responses is from 635 mbu to 675 mbu. Wheat planted area on average is expected to be 380k acres lighter than March at 46.97m. 

Jul 22 CBOT Wheat  is at $9.17, down 6 3/4 cents,

Cash SRW Wheat  is at $8.59 3/4, down 6 3/4 cents,

Jul 22 KCBT Wheat  is at $9.85 3/4, down 6 3/4 cents,

Cash HRW Wheat  is at $9.38 7/8, down 6 3/4 cents,

Jul 22 MGEX Wheat  is at $10.61, down 9 3/4 cents,

Sep 22 MGEX Wheat  is at $10.62 1/4, down 8 1/4 cents,