The wheat market is experiencing upward movement, with Chicago SRW contracts rising by 10 to 11 cents at midday on July 26, 2023. Kansas City HRW futures increased by 14 to 15 cents, and MPLS spring wheat was up 8 to 9 cents. There were notable delivery notices, including 25 for July SRW and 443 against July KC HRW overnight. Additionally, a private export sale of 100,000 metric tons of HRS wheat to Nigeria was reported by the USDA for the 2026/27 season.
In the latest NASS Acreage report, all wheat acres were recorded at 42.74 million, falling short of the 43.8 million-acre average trade estimate and down 1.035 million from previous intentions data. Notably, winter wheat acres decreased by 890,000 to 31.52 million, while harvested winter wheat acres were down to 21.12 million. Canadian wheat acreage also saw a decline, estimated at 25.33 million acres, a 5.9% drop from last year.
As of June 1, the USDA reported 920 million bushels of wheat in stock, which is below the 931 million bushels estimate but 65 million bushels higher than last year. The U.S. winter wheat harvest reached 48% completion by Sunday, which is 9% ahead of the normal pace, while spring wheat conditions improved, with 59% rated good or excellent.
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