Wheat Futures Recovering at Midday

The midday wheat market is trading double digits higher in Chicago and KC. SRW futures are up 1.7% to 1.95% so far. HRW futures are working 1.4% to 1.9% higher so far. Spring wheat futures are currently 1% in the black. 

USDA announced another cancellation of SRW previously sold to China. The 264k MT cancellation brought the total cancellations to 504k MT since Thursday – that is 38% of China’s outstanding book and is 25% of the total SRW unshipped sales. 

Weekly Inspections data showed 402,874 MT of wheat was exported during the week that ended 3/7. That was a 45k MT increase for the week and was 150k MT above the same week last year. Accumulated shipments on the weekly data reached 13.37 MMT, compared to 15.9 MMT at the same time last year. 

USDA trimmed expected US wheat exports by 15 mbu (HRW -5, SRW -10) to 710 mbu in the monthly S&D update. That was added to carryout. World stocks were tightened. 

Stats Canada’s planting intentions report from this morning showed expected wheat acreage for 2024 at 27.05 million acres. That is slightly above a year ago and above the 26.7 million acres estimate. All of that increase was via durum, up 5.1% vs. last year, with spring down 1.2%.

May 24 CBOT Wheat  is at $5.48 1/4, up 10 1/2 cents,

Jul 24 CBOT Wheat  is at $5.61, up 10 3/4 cents,

May 24 KCBT Wheat  is at $5.97 1/4, up 8 1/2 cents,

Jul 24 KCBT Wheat  is at $5.85 1/2, up 11 1/4 cents,

May 24 MGEX Wheat  is at $6.69 1/4, up 6 1/2 cents,

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