Wheat prices are uneven in midday Wednesday futures action. Chicago SRW futures are up 6 to 8 cents per bushel, and Kansas City HRW contracts are trading 2 to 6 cents higher than they went home on Tuesday. However, MPLS spring wheat is fractionally to 2 cents lower on excellent yield estimates coming out of the spring wheat tour.
The Wheat Quality Council Spring wheat and durum crop tour is underway in North Dakota and a tier of counties in South Dakota. The Day 1 tour average yield was 52.3 bpa, compared to 48.3 bpa a year ago. The tour continues today and wraps up on Thursday in Fargo.
AAFC (Canada) in confirming WASDE’s estimate for wheat production, releasing a 35.43 MMT number this week. USDA was at 35 MMT in the July 12 WASDE report. A group called the Grains Industry Association of Western Australia increased projected grain production for that state to 18 MMT from 16.3 MMT. Of that, 10.5 MMT would be wheat.
Sep 24 CBOT Wheat is at $5.49 1/2, up 6 3/4 cents,
Dec 24 CBOT Wheat is at $5.73 1/2, up 5 3/4 cents,
Sep 24 KCBT Wheat is at $5.69 1/2, up 2 3/4 cents,
Dec 24 KCBT Wheat is at $5.86, up 2 3/4 cents,
Sep 24 MGEX Wheat is at $6.14, down 1 1/2 cents,
Dec 24 MGEX Wheat is at $6.30 1/2, down 2 1/2 cents,
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