Wheat prices were mixed at the settle on Wednesday as price action shifted among the three exchanges. Chicago SRW futures led the way higher with gains of 2 to 5 cents. Kansas City HRW contracts were fractionally higher across the nearbys. However, MPLS spring wheat is was down 4 to 5 cents as focus shifts from the drier weather to excellent yield estimates coming out of the spring wheat tour.
Updated Export Sales data will be released on Thursday morning, with the trade expecting to see between 300,000 and 625,000 MT of wheat sold for export during the week of 7/18.
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, with day 2 results out later today, as the tour 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 closed at $5.47, up 4 1/4 cents,
Dec 24 CBOT Wheat closed at $5.71, up 3 1/4 cents,
Sep 24 KCBT Wheat closed at $5.67 1/2, up 3/4 cent,
Dec 24 KCBT Wheat closed at $5.83 3/4, up 1/2 cent,
Sep 24 MGEX Wheat closed at $6.10 3/4, down 4 3/4 cents,
Dec 24 MGEX Wheat closed at $6.28 1/4, down 4 3/4 cents,
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