The wheat market is down at midday. Chicago futures are showing mixed action with July up 1 ½ cents and others heading lower. Kansas City futures are down 4 to 6 cents on Wednesday. MPLS spring wheat is back down 6 to 8 cents, as July is up 2 ½ cents. There were 183 contracts issued against July CBT futures overnight, all by SG Americas customers. No strong stopper emerged. 

May wheat exports totaled 1.589 MMT (58.4 mbu), which was a 3-year high. That took the total for the marketing year, including products, to 715 mbu, which is 5 mbu shy of the USDA full year estimate.

The Friday morning Export Sales report is expected to show all wheat sales totaling 350,000 to 700,000 MT in the week that ended on June 27.

On Wednesday, SovEcon raised their Russian wheat production estimate by 3.4 MMT to 84.1 MMT, after several previous cuts. 

Jul 24 CBOT Wheat  is at $5.63, up 1 1/2 cents,

Sep 24 CBOT Wheat  is at $5.79 1/4, down 1 3/4 cents,

Jul 24 KCBT Wheat  is at $5.87, down 6 cents,

Sep 24 KCBT Wheat  is at $5.87 1/4, down 5 cents,

Jul 24 MGEX Wheat  is at $6.30 1/2, up 2 1/2 cents,

Sep 24 MGEX Wheat  is at $6.24 3/4, down 6 1/4 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.