Wheats Gaining Double Digits

Midday wheat futures are trading 23 to 27 1/4 cents higher in Chicago. Kansas City markets are up by as much as 24 to 27 1/2 cents. Spring wheat prices in Minneapolis are 30 to 35 1/4 cents in the black. 

The Crop Progress report pegged winter wheat harvest at 77% complete as IN, KS, MO, and NC joined AR, TX, and OK at 100%. The 5-yr average is to be 80% harvested by 7/24. For spring wheat, NASS had 86% of the crop headed compared to 96% on average. Conditions worsened from elevated levels through the week, but were still at 368 on the Brugler500 Index. 

Kazakstahn’s Ag Minister forecasts the wheat crop between 13 and 13.5 MTM for the 22/23. That would be up by about 2.2 MMT yr/yr. USDA’s July WASDE was calling for 13 MMT flat, a 1.2 MMT boost from ’21. 

The UN believes Ukraine may begin exporting by sea within a few days. Ukraine’s Ag Minister sees the signed deal as a 3.5 MMT/month exportability boost. 

Sep 22 CBOT Wheat  is at $7.96 3/4, up 26 3/4 cents,

Dec 22 CBOT Wheat  is at $8.14 1/2, up 26 cents,

Cash SRW Wheat  is at $7.37 3/8, up 27 3/8 cents,

Sep 22 KCBT Wheat  is at $8.66 1/4, up 26 1/2 cents,

Cash HRW Wheat  is at $8.14 1/1, up 26 1/4 cents,

Sep 22 MGEX Wheat  is at $9.18 3/4, up 34 3/4 cents,