Wheat Prices Rally Double Digits on Tuesday

Front month wheat futures gained double digits for the Tuesday market. CBT SRW closed 30 1/4 to 33 3/4 cents in the black in the front months. KC futures were up 33 1/4 to 37 1/2 cents on the day. Spring wheat rallied 5% in the Sep contract on a 40 1/4 to 44 3/4 cent day. 

The Crop Progress report pegged winter wheat harvest at 77% complete as of 7/24. 

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  closed at $8.03 3/4, up 33 3/4 cents,

Dec 22 CBOT Wheat  closed at $8.22, up 33 1/2 cents,

Cash SRW Wheat  was $7.45 5/8, up 34 5/8 cents,

Sep 22 KCBT Wheat  closed at $8.77, up 37 1/4 cents,

Cash HRW Wheat  was $8.25 3/4, up 37 cents,

Sep 22 MGEX Wheat  closed at $9.28 3/4, up 44 3/4 cents,