Wheat Markets Rally 5%

Monday’s wheat market took off after overnight weakness. CBT SRW futures are up by more than 5% on 38 to 42 cent gains. KC HRW futures are up 35 1/2 to 38 cents for midday. The spring wheat market is gaining 3.6% to 3.7% so far with gains of as much as 34 cents. 

Weekly Export Inspections data from the USDA showed 520,791 MT of wheat were shipped during the week that ended 8/25. Last week’s export was 594k MT. MYTD wheat shipments reached 5.014 MMT through 8/25, down from last season’s 6.2 MMT pace. 

Canada’s StatsCan reported 34.57 MMT for the 2022 crop’s expected production. That is slightly above the 34 MMT average trade guess, and is up from 22.3 MMT last year (itself revised up from 21.6 MMT). That comes via a 25.56 MMT spring wheat crop, the trade was looking for 25.4, and a 6.47 MMT durum crop, compared to the trade average guess of 6 MMT flat. 

Sep 22 CBOT Wheat  is at $8.23 1/4, up 38 1/2 cents,

Dec 22 CBOT Wheat  is at $8.45, up 39 3/4 cents,

Cash SRW Wheat  is at $7.65 5/8, up 38 5/8 cents,

Sep 22 KCBT Wheat  is at $9.18, up 34 3/4 cents,

Cash HRW Wheat  is at $8.74 1/2, up 34 5/8 cents,

Sep 22 MGEX Wheat  is at $9.22 1/2, up 28 cents,