Wheat futures are down by double digits per bushel at midday, across all three exchange traded classes. There is a well worn axiom that says “Wheat takes no prisoners”. When it gets on a trending move there are often few rest stops along the way. In this case the move is back down the mountain. Chicago SRW is trading 11 to 12 cents lower. KC HRW, which had closed higher on Thursday, is down 11 cents. MPLS spring wheat “only” lost 5 to 5 ¾ on Thursday, but is down 10 to 14 cents as this is written on Friday.
In world wheat news, Turkey is halting wheat imports until October to protect domestic producer prices at and after harvest. Cheap Russian imports have been a problem. Russia declared a crop emergency in 10 administrative regions due to the frost damage in May, a move which had been widely anticipated. Deputy Ag Minister Razin indicated via TASS that 800,000 HA had already been replanted, and re-assured buyers that obligations would be fulfilled.
For Wednesday’s USDA Crop Production report, the average trade estimate for All Wheat in a Reuters survey was 1.88 billion bushels. That would be up from 1.858 billion in the USDA May report. Across three different surveys, aA number of analysts are expecting production increases for all three winter wheat classes.
Jul 24 CBOT Wheat is at $6.29, down 10 1/2 cents,
Sep 24 CBOT Wheat is at $6.50 1/2, down 11 1/4 cents,
Jul 24 KCBT Wheat is at $6.67, down 11 cents,
Sep 24 KCBT Wheat is at $6.80 1/2, down 11 1/2 cents,
Jul 24 MGEX Wheat is at $6.96, down 10 3/4 cents,
Sep 24 MGEX Wheat is at $7.05, down 11 1/4 cents,
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