Wheat prices are posting gains so far on Friday morning. They took a day off from the relentless selling, posting double digit gains ahead of the USDA reports today. Chicago contracts settled 16 ¾ to 19 cents higher. Kansas City futures were up 12 to 12 ¾ cents. MPLS spring wheat was 12 ¾ to 14 ¾ higher after Canadian spring wheat acreage came in lighter than expected. 

USDA’s Export Sales report was one reason for some of the shorts to cover, as low prices are trying to cure low prices. A total of 667,173 MT of wheat was sold in the week that ended on June 20, above the trade range 200,000 to 600,000 MT estimates.  Year to date commitments are up 45%, with HRW and HRS sales up roughly 64%. 

All wheat acres are expected to be up about 159,000 acres from the March Intentions report on Friday, at 47.657 million acres. Winter wheat is seen up just 64,000 acres at 34.197 million acres. Spring wheat ideas are running steady at 11.34 million acres. June 1 stocks of wheat are projected to be 684 mbu according to a trade survey of analysts by Reuters. That is just 4 mbu below the June WASDE projection for US wheat ending stocks (also June 1 stocks), but 134 mbu above last year.

Stats Canada released updated planted acreage estimates, putting total wheat acreage at 26.64 million acres, shy of the estimated 27 million and down 1.1% from last year. Spring wheat acres were tallied at 18.9 million acres vs. expectations of ~19.1 million acres and down 2.8% from a year ago.

The EU commission sees EU wheat ending stocks for 2024/25 at 13.1 MMT, down from 13.5 MMT the previous month. Exports were the given reason, seen up 0.55 MMT to 31.65 MMT on the MY. Production is estimated up 1.7 MMT from the month prior to 121.9 MMT. The International Grains Council also released updated data, showing a 1 MMT increase to world carryout at 261 MMT, as a 1 MMT cut to production was offset by 3 MMT in cuts to use and trade.

Jul 24 CBOT Wheat  closed at $5.59 3/4, up 18 1/2 cents, currently up 3 3/4 cents

Sep 24 CBOT Wheat  closed at $5.79 1/2, up 19 cents, currently up 4 3/4 cents

Jul 24 KCBT Wheat  closed at $5.92, up 12 cents, currently up 1 ½ cents

Sep 24 KCBT Wheat  closed at $5.96 3/4, up 12 1/4 cents, currently up 2 cents

Jul 24 MGEX Wheat  closed at $6.10 3/4, up 14 3/4 cents, currently unch

Sep 24 MGEX Wheat  closed at $6.18, up 14 cents, currently up 3 ¾ cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.