The wheat complex is trading higher through Wednesday’s midday. Chicago SRW futures are up 5 to 7 cents. KC HRW is 5 to 8 higher. MPLS spring wheat is 3 to 7 cents in the green.
There are some concerns about crops in the Kursk region in Russian being harvested due to the fighting between Russian and Ukrainian forces.
Wheat production data will likely remain unchanged this month, as USDA waits for the Small Grains Summary report due at the end of the month. However, the WAOB will update the demand side of the balance sheets with any adjustments they deem necessary. The average of analysts surveyed by Bloomberg shows a slight 6 mbu cut to 822 mbu for US wheat ending stocks. World ending stocks are projected to be cut by 1.2 MMT to 255.4 MMT.
Sep 24 CBOT Wheat is at $5.58 3/4, up 3 1/4 cents,
Dec 24 CBOT Wheat is at $5.80 3/4, up 6 1/2 cents,
Sep 24 KCBT Wheat is at $5.70, down 9 3/4 cents,
Dec 24 KCBT Wheat is at $5.89 1/2, up 5 1/2 cents,
Sep 24 MGEX Wheat is at $5.82 1/2, up 3 1/2 cents,
Dec 24 MGEX Wheat is at $6.16 1/2, up 6 1/2 cents,
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