Wheat Mini May '23 (XWK23)

The wheat complex spent the Friday session squaring up ahead of the Monday USDA reports. Chicago SRW futures were fractionally lower, with March up 10 ¾ cents this week. KC HRW futures closed with steady action, as March was 15 ¼ cents higher on the week. MPLS spring wheat was down 3 to 4 cents on the day, as that pushed the March contracts down 3 ¼ cents lower on the week.

Export sales data, now updated just January 1 has wheat export commitments of shipped and unshipped sales at 20.228 MMT, 18% above a year ago. That is also 83% of the USDA estimate and in line with the average sales pace. Export shipments are at 15.16 MMT, which is 21% above last year. That is 61% of USDA’s export number and ahead of the 57% average shipping pace.

USDA’s Grain Stocks report will be out on Monday, with a Reuters survey of analysts showing an average guess of 1.636 bbu of wheat on hand as of December 1. The range of estimates is 1.59 to 1.696 bbu. 

Now up to date Commitment of Tra... Read more