Ahead of the Wednesday reports, wheat futures are gaining double digits. Midday CBT futures are 9 1/2 to 11 1/2 cents higher. KC HRW prices are up 15 to 18 cents at midday. Spring wheat futures are again the strongest, as the Dakotas look to miss out on the week’s rains. 

Export Inspections data showed 285,654 MT of wheat was shipped through the week that ended 6/24. That was 48% below last week’s export and 44% lower yr/yr. Mexico was the top destination for the week, bringing in 24% of the total.

Ethiopia is tendering for 400k MT of optional origin wheat. Turkey issued an international wheat tender seeking 395,000 MT of red milling wheat. Egypt’s GASC purchased 180,000 MT of Romanian wheat in their international tender. 

Ahead of Statistics Canada’s June 29 data release, analysts surveyed anticipate seeing 23.5m acres of wheat planted, which would be up 300k from the April figure. 

Wheat stocks are estimated at 861 mbu on average going into the quarterly Grain Stocks report. The full range of estimates is for between 832 mbu and 965 mbu of carryout. 

Acreage estimates ahead of NASS’s June 30th report average 46.01 million acres. If realized that would be a 400k acre cut from March intentions, reflecting a 300k expected drop in Spring wheat. Durum acres are estimated at 1.52 million. 

Jul 21 CBOT Wheat  is at $6.47 3/4, up 10 3/4 cents,

Cash SRW Wheat  is at $6.23 1/6, up 10 1/8 cents,

Jul 21 KCBT Wheat  is at $6.18 1/4, up 18 cents,

Cash HRW Wheat  is at $5.91 1/4, up 17 1/4 cents,

Jul 21 MGEX Wheat  is at $8.47, up 24 1/2 cents,