Wheat Higher Following Overnight

The wheat complex is 14 to 19 cents higher this morning, after starting the week mixed on Monday. Chicago SRW led the way to the upside, with contracts 2 to 5 ¼ cents higher. KC HRW saw mixed action, with front months down ½ to 1 ½ cents and deferred contracts ½ to 1 ¾ cents higher. MPLS spring wheat was the lagger, down 3 ¾ to 6 ¼ 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 total 3.5 MMT, down 21.2% from last year. 

USDA’s NASS tallied the US winter wheat harvest at 86% complete as of 8/7, 5% below normal. The spring wheat harvest was reported at 9% done, lagging the average pace by 10%. Crop ratings of the northern crop were at 64% gd/ex, a drop of 6% on the week. Translated to the Brugler500 index, the spring wheat crop rating was down 8 points to 364.

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  closed at $7.79 3/4, up 4 cents, they are up 17 ¼ cents this morning

Dec 22 CBOT Wheat  closed at $7.99 1/4, up 4 cents, they are up 17 ½ cents this morning

Cash SRW Wheat  was $7.27 5/8 on Monday, up 4 1/8 cents,

Sep 22 KCBT Wheat  closed at $8.47 3/4, down 1/2 cent, they are up 19 cents this morning

Cash HRW Wheat  was $8.01 1/8 on Monday, down 1/2 cent,

Sep 22 MGEX Wheat  closed at $8.80 3/4, down 5 3/4 cents, they are up 17 ½ cents this morning