Wheat prices are down another 7 to 12 cents on your Wednesday morning. Futures faced some weakness on Tuesday after the last couple weeks of rallying. Chicago contracts were down a penny to 7 ½ cents, as Kansas City futures were down 1 ½ to 11 ¼ cents on the day. MPLS spring wheat was steady to 6 ¼ cents in the red. 

Tuesday afternoon, the Oklahoma Wheat Commission release the numbers from the annual wheat tour, with an average yield estimated at 33.68 bpa and production totaling 89.16 mbu. Last year’s final USDA production total was 68.6 mbu for the state. The Wheat Quality Council HRW wheat tour for top producer Kansas takes place next week. 

The initial winter wheat production total from NASS in the Crop Production total will be released on Friday, with all winter wheat pegged at 1.32 bbu by analysts. HRW on average is estimated to be 692 mbu, with SRW at 412 mbu, and white winter at 217 mbu. Overall wheat production is estimated to be 1.894 bbu. 

Old crop wheat ending stocks for the US are expected to see a 3 mbu reduction to 695 mbu. The initial new crop balance sheet will also be released, with traders estimating a 782 mbu total. 

Stats Canada showed March 31 wheat stocks at 11.75 MMT, a 15.4% drop from last year and well below trade estimates, with all wheat excluding durum down 13.9% at 10.105 MMT. Japan is tendering for 114,077 MT of wheat from US, Australia, and Canada in their weekly MOA tender, with 46,592 MT US specific. Egypt issued an import tender for wheat, with offers due today.

Jul 24 CBOT Wheat  closed at $6.42 3/4, down 6 cents, currently down 9 cents

Sep 24 CBOT Wheat  closed at $6.63 3/4, down 4 3/4 cents, currently down 8 3/4 cents

Jul 24 KCBT Wheat  closed at $6.64, down 11 1/4 cents, currently down 11 3/4 cents

Sep 24 KCBT Wheat  closed at $6.76 1/4, down 10 cents, currently down 11 1/2 cents

Jul 24 MGEX Wheat  closed at $7.19, down 6 1/2 cents, currently down 7 3/4 cents