Wheats Rally Despite Corn Weakness

Wheat added to the premium on corn with gains from the midweek trade. At the close, CBT SRW futures were up 10 3/4 to 11 3/4 cents in the front months. KC HRW futures ended the day 12 1/2 to 15 3/4 cents higher. Spring wheats rallied 4 1/2 to 11 cents in the front months on Wednesday. 

USDA announced the regular weekly Export Sales data will be unavailable until Sep 15th, and will utilize the legacy reporting system until the new system is sufficient. 

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  closed at $8.09, up 10 3/4 cents,

Dec 22 CBOT Wheat  closed at $8.31 1/2, up 11 1/4 cents,

Cash SRW Wheat  was $7.67 1/2, up 24 1/2 cents,

Sep 22 KCBT Wheat  closed at $9.24 1/4, up 15 1/2 cents,

Cash HRW Wheat  was $8.76 1/8, up 13 cents,

Sep 22 MGEX Wheat  closed at $9.15 1/2, up 11 cents,