Wheat futures ended the Friday session with losses though they were off the lows at the close. That was despite a more friendly acreage number, as stocks were burdensome. Chicago contracts were steady to 6 ¼ cents lower, as September was down 2 ¼ cents on the week. Kansas City futures were fractionally to 10 1/2 cents weaker on the day, with September own just ¾ this week. MPLS spring wheat was mixed with contracts anywhere from 5 cents lower to as much as 11 cents higher in the deferreds. The Chicago September contract was down $1.26 during June, with KC losing $1.37 and Sep MGE $1.36 ¾ lower.

All wheat acres across the US were tallied at 47.24 million acres, which is down 258,000 acres from the March report, and 417,000 acres below expectations. Winter wheat is seen at 33.805 million acres, below the 34.135 million via Intentions. Spring wheat was tilled at 11.27 million acres, just below estimates, with durum above expectations at 2.165 million acres. 

June 1 stocks (also 2023/24 ending stocks) of wheat were shown at 702 mbu. That was above the average trade estimate of 684 and 132 mbu larger vs. last year. It was also a 14 mbu increase from the June WASDE projection for US wheat ending stocks.

SovEcon has trimmed the Russian export projection for the 2024/25 marketing year by 1.7 MMT to 46.1 MMT, based off the smaller crop. No change was made to their crop production, still at 80.7 MMT. FranceAgriMer reduced their condition rating for the French wheat crop by 2% to 60% gd/ex.

Spec funds were pegged at net short 70,487 contracts in Chicago wheat on Tuesday, a 17,755 contract increase to the position on the week. In KC, they added back 8,028 contracts to a net short of 37,072 contracts by June 25.

Jul 24 CBOT Wheat closed at $5.53 1/2, down 6 1/4 cents,

Sep 24 CBOT Wheat closed at $5.73 1/2, down 6 cents,

Jul 24 KCBT Wheat closed at $5.87 1/2, down 4 1/2 cents,

Sep 24 KCBT Wheat closed at $5.86 1/4, down 10 1/2 cents,

Jul 24 MGEX Wheat closed at $6.13, up 2 1/4 cents,

Sep 24 MGEX Wheat closed at $6.13, down 5 cents,

On the date of publication, Alan Brugler 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.

See Also :