Wheat See Some Slight Recovery
The wheat market showed resilience on Wednesday, with Chicago Board of Trade (CBOT) wheat closing nearly unchanged and Kansas City wheat futures rising 3-4 cents. USDA’s Export Sales report anticipates wheat bookings between 200,000-600,000 MT for the week ending June 20. Wheat acres are projected to increase to 47.657 million, while Ukraine’s wheat exports for 2023/24 are estimated at 18.3 MMT. July CBOT wheat closed at $5.41, and September at $5.60.
The wheat complex saw some positive trade on Wednesday, with contracts holding firm. Chicago contracts were within a penny of unchanged to close out the midweek session. Kansas City futures were up 3 to 4 cents on Wednesday. MPLS spring wheat was fractionally mixed across most contracts.
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. StatsCanada data will be updated on Thursday morning with total wheat acreage estimated at 26.94 million acres and spring wheat 19.07 million acres.
Jul 24 CBOT Wheat closed at $5.41 1/4, down 1/2 cent,
Sep 24 CBOT Wheat closed at $5.60 1/2, unch,
Jul 24 KCBT Wheat closed at $5.80, up 4 cents,
Sep 24 KCBT Wheat closed at $5.84 1/2, up 3 cents,
Jul 24 MGEX Wheat closed at $5.96, up 1/4 cent,
Sep 24 MGEX Wheat closed at $6.04, up 1/2 cent,
Source Link : https://www.barchart.com/story/news/27065736/wheat-see-some-slight-recovery
