Spring Wheat Dec '22 (MWZ22)
Spring Wheat Futures Market News and Commentary
The midday wheat market is working in the red so far but prices are off their lows. CBT SRW futures are down 4 to 5 cents at midday. KC prices are working 7 cents in the red so far. Spring wheat futures are trading with midday losses of 4 3/4 to 6 1/2 cents.
Russia’s IKAR reduced their outlook from 87 MMT to 84 MMT for the 2023 wheat crop citing a cold and dry winter.
The weekly Export Sales report showed 136k MT of wheat sales for the week that ended 1/26. That was below estimates, and was a 3-week low. New crop bookings were 32,460 MT for the week for a total forward book of 290,977 MT.
Traders estimate StatsCan will report wheat stocks at 22.3 MMT as of Dec 31. The lowest estimate is for 21.2 MMT, and the highest estimate is for 23.2 MMT, compared to last year’s 16.798 wheat stock.
Mar 23 CBOT Wheat is at $7.55 1/2, down 5 1/2 cents,
May 23 CBOT Wheat is at $7.66 1/2, down 5 1/2 cents,
Cash SRW Wheat is at $6.95 3/4, down 5 1/2 cents, Read more
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