
Wheat prices are 2 to 8 cents in the red heading into the day session after mixed overnight trade. Turnaround Tuesday selling pulled the market back following the sharp Monday rally. At the close CBT wheat futures were 17 3/4 to 22 1/2 cents in the red. KC wheat ended the day 3 3/4 to 14 3/4 cents lower in the front months. Front month spring wheat went home with 9 1/2 to 13 cent losses.
There were zero deliveries against KC HRW on FND, with the oldest long dated 5/19/22. However, there were 558 contracts put out against September Chicago SRW, mostly by Marex customers. That brought the longs all the way up to current date.
A survey from Farm Futures put 22/23 winter wheat area near 36.553m acres. That would be a 7.5% boost yr/yr if realized this fall. Total wheat area is only expected to increase 3.9% to 48.842m acres as spring wheat is expected to drop ~700k.
Sep 22 CBOT Wheat closed at $7.98 1/4, down 21 3/4 cents, currently down 6 1/4 cents
Dec 22 CBOT Wheat closed at $8.20 1/4, down 22 1/2 cents, currently down 4 1/2 cents
Cash SRW Wheat was $7.42 on Tuesday, down 19 cents,
Sep 22 KCBT Wheat closed at $9.08 3/4, down 3 3/4 cents, currently down 9 3/4 cents
Cash HRW Wheat was $8.63 on Tuesday, down 5 cents,
Sep 22 MGEX Wheat closed at $9.04 1/2, down 13 cents, currently down 6 1/4 cents