The wheat complex is bouncing so far on Wednesday, as bulls are pushing back. Chicago contracts are up 3 to 4 cents as we trade through midday. Kansas City futures are 6 to 8 cents higher on Wednesday. MPLS spring wheat contracts are 2 to 5 cents in the green.
USDA’s Export Sales report is expected to peg all wheat bookings in a range of 200,000 to 600,000 MT for the week that ended on June 20.
All wheat acres are expected to be up about 159,000 acres from the March Intentions report on Friday, at 47.657 million acres. Winter wheat is seen up just 64,000 acres at 34.197 million acres. Spring wheat ideas are running steady at 11.34 million acres. June 1 stocks of wheat are projected to be 684 mbu according to a trade survey of analysts by Reuters. That is just 4 mbu below the June WASDE projection for US wheat ending stocks (also June 1 stocks), but 134 mbu above last year.
Ukraine’s ag ministry estimates the 2023/24 (July-June) wheat exports at 18.3 MMT through June 26. Algeria purchased at least 130,000-150,000 MT of wheat in their tender on Wednesday.
Jul 24 CBOT Wheat is at $5.45, up 3 1/4 cents,
Sep 24 CBOT Wheat is at $5.64 1/2, up 4 cents,
Jul 24 KCBT Wheat is at $5.82 1/2, up 6 1/2 cents,
Sep 24 KCBT Wheat is at $5.87 1/2, up 6 cents,
Jul 24 MGEX Wheat is at $6.00 1/2, up 4 3/4 cents,
Sep 24 MGEX Wheat is at $6.07 3/4, up 4 1/4 cents,
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