The wheat board is showing gains for Chicago and Minneapolis at midday. Futures initially were pushing lower for Wednesday, but SRW is trading 7 cents off the lows for fractional to 1 ¾ cent gains. KC Wheat is mixed within 2c of UNCH across the front month contracts. MGE wheat prices are leading the way higher with gains of as much as 3 cents. 

NOAA’s updated 7-day QPF has moisture in the forecast for the ECB from West Virginia through S.Central IA. Accumulations in Northern IN top out near 2 1/2” with at least ¾” expected for most ECB fields. 

Ahead of the weekly Export Sales report, traders are looking for USDA to report old crop wheat business between 100k MT of cancelations to 300k MT of new sales. New crop bookings are estimated to be between50k MT and 250k MT for the week that ended 3/21.

Interfax estimates Kazakhstan’s grain output between 13 and 14 MMT for 24/25, vs 16.4 MMT last year. Wheat area is estimated to be 3% below last year with 13.3m HA. 

May 24 CBOT Wheat  is at $5.45 1/4, up 1 3/4 cents,

Jul 24 CBOT Wheat  is at $5.60 1/2, up 1 1/4 cents,

May 24 KCBT Wheat  is at $5.78 1/2, up 1 1/4 cents,

Jul 24 KCBT Wheat  is at $5.73 1/4, down 3/4 cent,

May 24 MGEX Wheat  is at $6.49 1/2, up 2 1/4 cents,