The wheat complex saw significant gains on Friday, with Chicago SRW contracts rising by 19 to 23.5 cents at midday. Key futures prices included July CBOT Wheat at $6.34 ¾ (up 23.5 cents) and September CBOT Wheat at $6.39 (up 19.25 cents). Chicago was buoyed by the potential restriction of export flows through the Sea of Azov by Russia, which accounts for nearly 25% of its wheat shipments.
According to the USDA’s latest Crop Production report, all wheat production has decreased by 7 million bushels to 1.536 billion bushels, with winter wheat production falling below estimates at 990 million bushels, while spring wheat rose to 475 million bushels. Additionally, world stocks declined by 2.78 million metric tons to 272.84 million metric tons, driven by reductions in the U.S., Argentina, Canada, and the EU.
Crop conditions in France worsened, with wheat crop ratings dropping 3 percentage points to 65% good/excellent as harvest completion reached 29%. Coceral also revised its EU and UK output forecast down by 2.9 million metric tons to 140.8 million metric tons.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
