The wheat complex is showing higher trade across most contracts on Wednesday. Chicago SRW is trading with 4 to 5 cent gains at midday. KC HRW futures are up 1/2 to 1 ½ cents in the front months. MPLS spring wheat are fractionally to 1 ½ cents higher.
Harvest may be limited in much of the Southern Plains over the next week, as NOAA shows 1 to 3 inches expected in TX through, OK and KS.
Wheat production will be updated on Thursday via the monthly Crop Production report, with a Bloomberg estimate of analysts looking for 1.555 bbu of US wheat production. Winter heat is seen at an average guess of 1.04 bbu, an 8 mbu cut if realized. HRW is expected to be down 7 mbu to 508 mbu, the SRW up 1 mbu to 302.
Coceral estimates the EU and UK wheat crops at 143.7 MMT for this year, up 1.1 MMT from the previous projection.
Jul 26 CBOT Wheat is at $5.89 1/2, up 4 1/4 cents,
Sep 26 CBOT Wheat is at $6.01 1/2, up 4 3/4 cents,
Jul 26 KCBT Wheat is at $6.31 1/4, up 1/2 cent,
Sep 26 KCBT Wheat is at $6.41 1/2, up 1 1/4 cents,
Jul 26 MIAX Wheat is at $6.19, up 1 1/2 cents,
Sep 26 MIAX Wheat is at $6.44, up 3/4 cent,
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.
