Wheat Futures Up Double Digits so far

Wednesday wheat trading has the board double digits in the black through midday. CBT SRW futures are up 8 to 13 3/4 cents so far. Midday KC wheat prices are gaining 7 1/2 to 12 1/2 cents. Spring wheat futures are up 4 3/4 to 8 1/4 cents at midday. 

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. 

France’s Agritel estimates ’22 wheat output at 33.63 MMT, a 1.3 MMT dip below their 5-yr average. Manitoba’s wheat harvest was reported as 3% finished, trialing the Canadian Province’s 39% average. 

Sep 22 CBOT Wheat  is at $8.06 1/4, up 8 cents,

Dec 22 CBOT Wheat  is at $8.34 1/2, up 14 1/4 cents,

Cash SRW Wheat  is at $7.47, up 5 cents,

Sep 22 KCBT Wheat  is at $9.21 1/4, up 12 1/2 cents,

Cash HRW Wheat  is at $8.76 5/8, up 12 5/8 cents,

Sep 22 MGEX Wheat  is at $9.17 1/2, up 13 cents,