Current Trends in the Wheat Market

The wheat market has shown a diverse response across several market segments recently. Prices for Chicago Soft Red Winter (SRW) wheat have increased, with rates climbing 5 to 7 cents higher. Meanwhile, contracts for Kansas City Hard Red Winter (HRW) wheat experienced slight gains, rising by up to 2 cents. Minneapolis (MPLS) spring wheat has displayed mixed results, with a minor uptick of ½ cent for September.

Wheat Acreage Projections and Estimates

Traders have provided insights indicating that total wheat acreage is expected to reach approximately 45.4 million acres, with predictions for spring wheat at around 10 million acres and durum wheat at 2 million acres. As of June 1, wheat stocks are anticipated to be about 836 million bushels, marking a reduction of 5 million bushels from previous estimates.

In terms of export commitments, the latest data reflects a significant uptick, with export sales soaring to 6.608 million metric tons as of June 19—this figure represents a five-year peak and constitutes 29% of the U.S. Department of Agriculture’s total annual forecast.

International Market Activity

Key activities have been noted in South Korea, where mills have procured a total of 82,000 metric tons of U.S. wheat through two tenders. Additionally, estimates from Statistics Canada suggest a total wheat acreage of about 26.925 million acres, which is a 1% increase from last year. Spring wheat acreage is projected to decrease by 0.7% to 18.809 million acres, while durum wheat has increased by 2.69%, and winter wheat saw an increase of 244,000 acres.

Current Wheat Prices

As of the most recent updates, the following prices for different wheat futures are noted:

• CBOT Wheat (July 25): $5.27 1/4, up by 6 1/4 cents
• CBOT Wheat (September 25): $5.41 3/4, up by 5 cents

In the Kansas City market:

• KCBT Wheat (July 25): $5.19, up by 3/4 cent
• KCBT Wheat (September 25): $5.35 1/4, up by 1 1/2 cents

For Minneapolis:

• MGEX Wheat (July 25): $6.04, down by 2 3/4 cents
• MGEX Wheat (September 25): $6.26, up by 1/2 cent

This data reflects the latest movement in the wheat market and provides an understanding of current trends affecting producers and consumers alike.