Wheats Gaining Double Digits

Wheat markets are trading up by double digits through Monday’s midday after Russia attacked some Ukrainian facilities in the ports of Mykoliev and Odessa over the weekend. Chicago wheat prices are 1.5% to 2.14% stronger with prices off their earlier highs. KC futures are trading 17 1/2 to 23 cents higher in the front months. Spring wheat is also up by +2% on 13 1/2 to 20 cent gains so far.  

Weekly wheat exports were 475,426 MT for the week that ended 7/21. USDA had that as a 284,093 MT increase wk/wk, but still 39,788 MT below the same week last year. 

The IGC lifted their world wheat outlook by 1 MMT from June to 770 MMT. Last year’s production was 781. Expected carryout was also down by 1 MMT to 272, and now 10 MMT below 21/22. 

Argentina’s Buenos Aires Grains Exchange reported 22/23 wheat planting reached 97% complete on 6.1m HA, again reducing expected acreage due to dryness. 

Sep 22 CBOT Wheat  is at $7.72 3/4, up 13 3/4 cents,

Dec 22 CBOT Wheat  is at $7.91 1/4, up 13 3/4 cents,

Cash SRW Wheat  is at $7.12 7/8, up 12 7/8 cents,

Sep 22 KCBT Wheat  is at $8.40 1/2, up 20 1/4 cents,

Cash HRW Wheat  is at $7.89 1/2, up 20 1/4 cents,

Sep 22 MGEX Wheat  is at $8.89, up 18 cents,