Wheat Closes Mixed Mostly Lower

Front month SRW futures were 4 1/2 to 6 cents lower on the day, and MPLS futures fell 6 1/2 to 15 1/4 cents. KC wheat closed off the highs but held on for fractional to 2 3/4 cent gains. Oats Futures Prices  were higher with July spiking 34 cents back to $6.64/bu, to the other nearby’s 4 to 6 cent gains. 

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. 

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  closed at $9.15 1/2, down 5 3/4 cents,

Cash SRW Wheat  was $8.62 3/4, down 3 1/8 cents,

Jul 22 KCBT Wheat  closed at $9.85 1/4, up 1 1/2 cents,

Cash HRW Wheat  was $9.38 1/2, up 1 3/8 cents,

Jul 22 MGEX Wheat  closed at $10.19 1/2, down 15 1/4 cents,

Sep 22 MGEX Wheat  closed at $10.28 1/2, down 12 1/4 cents,