Wheat futures are pushing back higher on the Turnaround Tuesday session. Chicago futures are up 21 to 24 cents in the front months. KC HRW is trading with 13 to 15 cent gains on the day. MPLS spring wheat futures are 8 to 10 cents higher.
For Wednesday’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 ahead of the Grain Stocks report later this month. They are also running 778 million for new crop, mainly on the larger production total.
NASS indicated winter wheat harvest is 12% completed, double the 5-year average pace. NASS dropped the US good/ex portion to 47% from 49% the week before. The Brugler500 index uses all 5 ratings levels and dropped 3 points to 330. That matches 2021 at this date. Much of the deterioration came from the western states, with SRW seeing improved conditions. Spring wheat planting is 98% completed per NASS, still ahead of the five year average of 96%. Condition 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.
On international news, South Korea purchased 50,000 MT of US wheat for late August/early September shipment. Japan is tendering for 109,126 MT of wheat from Australia, Canada, and the US, with 57,126 MT US specific. The tender closes on Thursday. Egypt’s GASC issued a tender on Monday, with several offers and results expected later today. Turkey
Jul 24 CBOT Wheat is at $6.31 1/2, up 24 cents,
Sep 24 CBOT Wheat is at $6.51 3/4, up 21 cents,
Jul 24 KCBT Wheat is at $6.58 1/2, up 14 3/4 cents,
Sep 24 KCBT Wheat is at $6.69 1/2, up 13 cents,
Jul 24 MGEX Wheat is at $6.83 3/4, up 8 1/2 cents,
Sep 24 MGEX Wheat is at $6.93 3/4, up 9 1/4 cents,
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