Wednesday Wheat Fell Double Digits

After the first day of the spring wheat Crop Tour, wheat prices dropped by double digits. Spring wheat futures led the way down with 1.7% to 2% losses in the front months. Chicago SRW closed with 1% to 1.7% losses. KC HRW futures ended 1.5% to 1.8% in the red on Wednesday. 

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 release. 

Weekly wheat export sales are estimated between 250,000 MT and 625,000 MT according to pre-report estimates. USDA will publish the data from the week that ended 7/21 tomorrow morning. 

Russia’s Deputy Foreign Minister mentioned concern over their own ag exports after the export 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  closed at $7.90 1/4, down 13 1/2 cents,

Dec 22 CBOT Wheat  closed at $8.08 1/2, down 13 1/2 cents,

Cash SRW Wheat  was $7.31 5/8, down 14 cents,

Sep 22 KCBT Wheat  closed at $8.61 3/4, down 15 1/4 cents,

Cash HRW Wheat  was $8.10 5/8, down 15 1/4 cents,

Sep 22 MGEX Wheat  closed at $9.10, down 18 3/4 cents,