Hard Red Wheat Dec '22 (KEZ22)
Hard Red Wheat Futures Market News and Commentary
The wheat complex was weaker on Thursday, following an increased stocks number from USDA. Chicago SRW futures saw losses of 4 ¾ to 7 ¼ cents at the close. KC HRW futures were down 4 ¾ to 8 ¼ cents on the session. MPLS spring wheat was down 4 ¾ to 5 ¾ cents in on the day. Crude oil was back up $4.06 on Thursday.
Export Sales data from this morning tallied 163,950 MT of old crop wheat business in the week of April 2, well above the week prior and 52.49% above the same week last year. Venezuela was the top buyer of 52,500 MT, with 51,000 MT sold to Japan. New crop business was shy of traders’ estimates of 150,000 MT to 400,000 MT at 90,656 MT. Mexico was the buyer of 33,800 MT, with 18,000 MT to the Philippines.Â
The monthly WASDE update from USDA tallied wheat US ending stocks 7 mbu higher to 938 mbu. That came on a 1 mbu cut to seed use, a 5 mbu increase to imports and 1 mbu assumed for rounding reasons. The cash average price was still up a nickel to $5.
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