Mixed Midday for Wheat Market

Chicago SRW futures are fractionally mixed to a penny weaker at midday with a 26 cent range. KC wheat futures are still 3 3/4 to 5 1/4 cents higher at midday. Spring wheat trading has the board a penny to 9 cents lower so far. 

Ahead of the weekly Export Sales report, analysts are looking for USDA to report between 200k MT and 600k MT of wheat bookings. 

Manitoba’s Ag Ministry reported that 700k acres remain unseeded, and that over 150k acres were planted after the 6/20 insurance deadline. The province was 93% planted, compared to the 5-yr 100% average. The EU’s MARS estimated Russia’s wheat crop at 88.8 MMT citing favorable weather and timely rain fall. Ukraine’s wheat exports for June were 122k MT according to the Ag Ministry, which was a 75.5% dip from June of ’21. 

Jordan booked 60k MT of optional origin milling wheat. Taiwan purchased 40k MT of wheat from the U.S. via an international tender. Pakistan is looking for 500k MT of wheat. Egypt’s GASC issued an international wheat tender, with results expected soon. Expected deliveries are in August, September or October. 

Jul 22 CBOT Wheat  is at $9.20 3/4, down 1/2 cent,

Cash SRW Wheat  is at $8.66, up 1 1/4 cents,

Jul 22 KCBT Wheat  is at $9.87 3/4, up 4 cents,

Cash HRW Wheat  is at $9.40 3/8, up 4 1/4 cents,

Jul 22 MGEX Wheat  is at $10.22 1/2, down 12 1/4 cents,

Sep 22 MGEX Wheat  is at $10.36 1/4, down 4 1/2 cents,