Wheats Up Into the Friday Market

So far Friday’s session has the board 3 to 7 cents higher across the front months of all three classes. Following last 4 days of gains, wheat prices faded for the Thursday trade. CBT SRW futures went home with double digit losses of 23 1/2 to 25 1/4 cents. Front month HRW futures ended the day 22 1/4 to 27 1/4 cents weaker. MPLS HRS prices closed with 24 to 28 1/2 cent losses. 

The new formatted Export Sales report was retracted after concerns facing data quality and physical dissemination. The report had shown wheat bookings of 409k MT with a season total export at 3.587 MMT. 

Ahead of the StatsCan estimates, traders anticipate seeing all wheat production near 34 MMT. Last year Canada produced 21.6 MMT during the drought. Spring wheat is expected to make up 25.4 MMT of the total with 6 for durum specifically. Canada’s Agriculture and Agri-Food lifted their projection for Canada by 786k MT to 34.5 MMT for the 2022 wheat crop.

Sep 22 CBOT Wheat  closed at $7.69 3/4, down 25 1/4 cents, currently up 6 1/2 cents

Dec 22 CBOT Wheat  closed at $7.89, down 24 1/4 cents, currently up 6 3/4 cents

Cash SRW Wheat  was $7.12 3/8, down 25 1/8 cents,

Sep 22 KCBT Wheat  closed at $8.69, down 27 1/4 cents, currently up 3 1/2 cents

Cash HRW Wheat  was $8.23 3/8, down 26 7/8 cents,

Sep 22 MGEX Wheat  closed at $8.82 3/4, down 25 cents, currently up 3 1/2 cents