As of midday Wednesday, Chicago SRW wheat futures have dropped 11 to 12 cents, while KC HRW futures are down 4 to 6 cents. Oklahoma’s annual wheat industry crop tour estimates the winter wheat harvest at 47.799 million bushels, with a yield of 23.11 bushels per acre, significantly lower than last year’s yield of 35.9 bpa and estimate of 101.2 million bushels.
Separately, Algeria has purchased approximately 390,000 to 420,000 metric tons of wheat. Additionally, Stats Canada reported that wheat stocks at the end of March reached 19.47 million metric tons, a 12% increase from last year, with non-durum stocks up 10.7% to 16.056 million metric tons.
At the time of reporting, May 26 CBOT Wheat is priced at $6.04 3/4, down 11 3/4 cents. The July 26 contract is at $6.16 1/4, down 11 1/2 cents. Other wheat futures have also shown similar declines.
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