Some commercial sources may provide (replace) much of USDA’s reported data. However, the general consensus is that commercial sources may not be as accurate, consistent, and unbiased as what USDA provides.
After the Kansas City (KC) December wheat contract price went above the $7.07 price resistance level, the contract price broke the $7.28 resistance in three days and challenged the $7.60 resistance in six days. KC December wheat prices increased from $7.05 to $7.57.
Wheat export demand has remained relatively strong. At this writing, the bushels of all classes of wheat sold for export is 38 percent greater than at this time last year. The amount of hard red winter wheat sold for export is 32 percent greater than last year, and for soft red winter wheat sold for export, the amount is 210 percent higher than last year.
Larger wheat and corn crops are pressuring wheat prices and could push KC December wheat possibly down to contract $6.30 per bushel. The price risk is that the seasonal price trend is normally set in late-August and early-September.
The wheat basis for most of Oklahoma is a minus 7 cents basis the KCBT September wheat contract price. The Texas Panhandle wheat basis is mostly a minus 25 cents. These are about 35 cents above the five-year average.
Cash wheat prices have declined from $8 in late January to about $6.80 at this writing (note about 15 cents above when I replied to the email). Since last January, the KC Red Wheat September wheat contract price has declined from $8.72 to $6.91. The cash price declined about $1.40, while futures prices declined $1.81. The KC September basis increased 41 cents.