Wheat Market Fading at Midday

Seeing good crops up North, the wheat futures market is fading at midday for the midweek session. Chicago futures are down less than a percent so far with 5 3/4 to 8 1/4 cent midday weakness. The December contract has printed a 32 cent range so far. KC wheat is trading 3 1/2 to 10 1/2 cents in the red, with new crop the firmer. Spring wheat prices are down by double digits with losses limited to 16 1/2 cents so far. The Sep spring wheat contract has printed a 33 cent range through midday. 

The Wheat Quality Council is touring in North Dakota assessing spring wheat. So far, through day one, the scouts saw above average yields for the state – calling ~48.9 bpa on ample to surplus soil moisture following last season’s drought. Their final yield figure is set for Thursday. 

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. 

Russia’s Deputy Foreign Minister mentioned concern over their own ag exports after the deal signed with Turkey, Ukraine, and the U.N. He ‘could not rule out’ a disruption of the signed agreement citing such concerns. 

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 1/2, down 7 1/4 cents,

Dec 22 CBOT Wheat  is at $8.14, down 8 cents,

Cash SRW Wheat  is at $7.38 1/2, down 7 1/8 cents,

Sep 22 KCBT Wheat  is at $8.67 1/4, down 9 3/4 cents,

Cash HRW Wheat  is at $8.15 1/8, down 9 5/8 cents,

Sep 22 MGEX Wheat  is at $9.13 1/4, down 15 1/2 cents,