The wheat complex is showing mixed trade this morning after seeing some positive action on Wednesday, with contracts holding firm. Chicago contracts were within a penny of unchanged to close out the midweek session. Kansas City futures were up 3 to 4 cents on Wednesday. MPLS spring wheat was fractionally mixed across most contracts.
USDA’s Export Sales report is expected to peg all wheat bookings in a range of 200,000 to 600,000 MT for the week that ended on June 20.
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.
Ukraine’s ag ministry estimates the 2023/24 (July-June) wheat exports at 18.3 MMT through June 26. Algeria purchased at least 130,000-150,000 MT of wheat in their tender on Wednesday. Stats Canada will update planted acreage estimates this morning, with total wheat acreage up north estimated at 27 to 27.2 million, and spring wheat ~19.1 million acres.
Jul 24 CBOT Wheat closed at $5.41 1/4, down 1/2 cent, currently up 5 cents
Sep 24 CBOT Wheat closed at $5.60 1/2, unch, currently up 5 cents
Jul 24 KCBT Wheat closed at $5.80, up 4 cents, currently down 1 ½ cents
Sep 24 KCBT Wheat closed at $5.84 1/2, up 3 cents, currently down 1 ¾ cents
Jul 24 MGEX Wheat closed at $5.96, up 1/4 cent, currently up 4 cents
Sep 24 MGEX Wheat closed at $6.04, up 1/2 cent, currently up 2 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.
