Wheat prices are posting lower trade early on Wednesday, with futures contracts down double digits across the three exchanges. They were higher on Turnaround Tuesday in all three markets. Russia’s Grain Union hinted at more widespread crop damage from the May frosts than confirmed by their Ag Minister. Chicago futures were up 5 to 19 cents across the board, led by the front months. KC HRW was up 4 to 11 ¼ cents on the day.  MPLS spring wheat futures were firmer, up 2 ½ to 7 cents. 

For today’s USDA Crop Production report, the average trade estimate for All Wheat is 1.88 billion bushels in one survey and 1.884 billion in another.  Either would be up from 1.858 billion in the USDA May report. Trade ideas for wheat ending stocks are UNCH for old crop at 688 million bushels, anticipating that USDA will defer adjustments until after Grain Stocks report on June 28. Ideas for 2024/25 production are running 778 million for new crop, mainly on the larger production total. 

NASS indicated winter wheat ratings dropping 3 points on the Brugler500 index (using all 5 USDA ratings levels) to 330. That matches 2021 at this date. Much of the deterioration came from the western states, with SRW seeing improved conditions. Spring wheat ratings were down 2% to 72% gd/ex, with the Brugler500 index down 2 to 374. That was due to worsening conditions in MN and the Dakotas. 

In international news, Japan is tendering for 109,126 MT of wheat from Australia, Canada, and the US, with 57,126 MT US specific. Egypt’s GASC purchased a total of 400,000 MT of wheat in their tender on Tuesday, with 100,000 MT from Bulgaria, 180,000 MT from Romania, and 120,000 MT from Ukraine.  

Jul 24 CBOT Wheat  closed at $6.26 1/2, up 19 cents, currently down 11 3/4 cents

Sep 24 CBOT Wheat  closed at $6.46 3/4, up 16 cents, currently down 12 1/2 cents

Jul 24 KCBT Wheat  closed at $6.55, up 11 1/4 cents, currently down 15 3/4 cents

Sep 24 KCBT Wheat  closed at $6.66, up 9 1/2 cents, currently down 15 1/4 cents

Jul 24 MGEX Wheat  closed at $6.78 3/4, up 3 1/2 cents, currently down 11 cents

Sep 24 MGEX Wheat  closed at $6.89 1/4, up 4 3/4 cents, currently down 10 1/2 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.