Wheat Turns Higher in the Day Session

After weaker overnight trade, wheat futures are pushing things higher at midday. Chicago SRW is leading the charge, 5 to 8 ½ cents higher. KC HRW is steady to 2 cents higher. MPLS spring wheat is lagging, down fractionally to 4 cents.

The weekly Export Inspections report from FGIS indicated wheat shipments at 603,549 MT in the week that ended on August 4.  That was nearly double the week prior but down 7.7% from the same week in 2021. Shipments through the first 2 months of the new MY at 3.5 MMT, down 21.2% from last year. 

Russia’s IKAR increased their country’s 2022 wheat production estimate by 4.5 MMT to 95 MMT citing higher yields.

Sep 22 CBOT Wheat  is at $7.84 1/4, up 8 1/2 cents,

Cash SRW Wheat  is at $7.31 1/8, up 8 5/8 cents,

Sep 22 KCBT Wheat  is at $8.52 1/4, up 4 cents,

Cash HRW Wheat  is at $8.06 5/8, up 3 7/8 cents,

Sep 22 MGEX Wheat  is at $8.86 1/4, down 1/4 cent,