Wheat Falling at Midday
Wheat futures are facing midday weakness on Wednesday. Chicago SRW futures are down fractionally in the nearbys. There were 209 deliveries against May CBT wheat overnight, with 196 coming from a Marex customer. Kansas City HRW futures are down 7 to 8 cents are midday. Minneapolis spring wheat futures are down 4 to 5 cents.
Wheat production data will be released in the Crop Production report on Monday, with all wheat production seen at 1.885 billion bushels. Winter wheat is seen at 1.325 bbu, with HRW at 748 mbu, SRW at 342 mbu, and white winter at 234 mbu.
Rain is making their way out of the Southern Plains this week after some rains in KS overnight, looking drier, with the southeast looking at heavier rain totals.
An Oklahoma crop tour by the Oklahoma Wheat commission estimates the states winter wheat crop at 35.9 bushel/acre and production totaling 101.169 million bushels.
May 25 CBOT Wheat is at $5.19, up 4 3/4 cents,
Jul 25 CBOT Wheat is at $5.35 3/4, down 1/4 cent,
May 25 KCBT Wheat is at $5.24 3/4, up 4 3/4 cents,
Jul 25 KCBT Wheat is at $5.30 3/4, down 7 1/4 cents,
May 25 MGEX Wheat is at $6.16 1/2, unch,
Jul 25 MGEX Wheat is at $6.05 3/4, down 4 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.