The wheat complex is getting a rally going on Thursday, after falling to new lows for the move. Chicago contracts are trading with 19 to 22 cent gains at midday. Kansas City futures are up 11 to 12 cents so far on Thursday. MPLS spring wheat is 15 to 18 cents higher after Canadian spring wheat acreage came in lighter than expected. 

USDA’s Export Sales report is part of the 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.  The lead buyer was unknown destinations at 148,000 MT, with 102,000 MT sold to the Philippines. 

Stats Canada released updated planted acreage estimates this morning, with 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 expects 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, as production is estimated up 1.7 MMT from the month prior to 121.9 MMT.

Jul 24 CBOT Wheat  is at $5.62 1/2, up 21 1/4 cents,

Sep 24 CBOT Wheat  is at $5.80, up 19 1/2 cents,

Jul 24 KCBT Wheat  is at $5.91 1/4, up 11 1/4 cents,

Sep 24 KCBT Wheat  is at $5.95 1/2, up 11 cents,

Jul 24 MGEX Wheat  is at $6.14 1/2, up 18 1/2 cents,

Sep 24 MGEX Wheat  is at $6.19, up 15 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.