Wheat Rallying to Start Thursday

Thursday wheat futures are up 25 to 32 ½ cents so far across the complex. Wheat futures worked higher initially on Wednesday, but turned weaker in afternoon and closed red. CBT SRW ended the day with 1 1/2 to 4 1/4 cent losses. KC wheat futures ended the day with double digit losses of as much as 11 1/2 cents in the front months. Spring wheat futures closed with 3 3/4 to 5 1/2 cent losses. 

The European Commission reported 21/22 wheat shipments to destinations outside of the EU totaled 27.5 MMT, down just 200k MT yr/yr. Algeria, Egypt, and Nigeria were the top destinations as the MY rolls to 22/23. Romania’s Romanian Farmers Club estimates 22/23 grain output will slide 15% yr/yr to 30 MMT – including 9.6 MMT of wheat, itself down 17% yr/yr. 

NOAA’s 7-Day QPF has rainfall for most of Canada in the forecast. The rainfall up North will top out near 2 1/2” accumulated through the coming week in Eastern Ontario. 

Jul 22 CBOT Wheat  closed at $7.92 1/4, down 1 1/2 cents, 

Cash SRW Wheat  was $7.40 3/4, down 1 7/8 cents,

Sep 22 KCBT Wheat  closed at $8.04 1/2, down 2 1/2 cents, currently up 32 ¼ cents

Jul 22 KCBT Wheat  closed at $8.49 1/4, down 11 cents, 

Cash HRW Wheat  was $8.01 5/8, down 9 3/4 cents,

Sep 22 MGEX Wheat  closed at $8.51 1/2, down 10 1/2 cents, currently up 27 ¾ cents

Jul 22 MGEX Wheat  closed at $8.80 1/2, down 23 1/4 cents, 

Sep 22 MGEX Wheat  closed at $8.86 1/4, down 3 3/4 cents, currently up 32 ½ cents