Recovery into Friday for Wheat Market

Morning wheat prices are back in the black so far for Friday. At the close for Thursday, wheat futures gave back double digits of +20 cents. CBT SRW ended the day down by 1.77% to 2.55%. KC futures closed with 2.09% to 2.55% losses in the front months. Spring wheat futures ended the day down by 1.77% to 1.94%. 

Going into the WASDE report on Wednesday, analysts expect USDA to cut the 22/23 wheat carry-out by 47.5 mbu to 562. Global wheat stocks have an 8 MMT range of ideas, from 262.6 MMT to 270 MMT, with the average of estimates for a 700k MT cut to 267.9. 

Japan seeks 97,343 MT of wheat from U.S., and Canada in a regular tender. Jordan is on the market for 120k MT of wheat. Algeria issued a 50k MT durum wheat tender closing 10/7. Iraq’s 50k MT wheat tender is believed to be filled by Ukraine with a reported $386/tonne C&F bid. 

USDA’s weekly Export Sales data showed 229,400 MT of wheat was sold during the week that ended 9/29. That was down from 280k MT last week and was near the bottom of the expected range going into the report. The week’s shipment was listed as 630k MT, setting the season’s total at 7.757 MMT. That is now 0.06% ahead of last year’s pace. 

By class, the weekly report showed 43% of the week’s booking was spring wheat, and 1/4 was each HRW and white. Through the first 18 weeks of the season, spring wheat holds a 29% share of the total wheat commitment, HRW has a 28% share, white is at 22% and SRW is at 19%.

Dec 22 CBOT Wheat  closed at $8.79, down 23 cents, currently up 9 1/2 cents

Mar 23 CBOT Wheat  closed at $8.92 3/4, down 22 1/2 cents, currently up 8 3/4 cents

Cash SRW Wheat  was $8.12 ¾ on Thursday, down 23 cents,

Dec 22 KCBT Wheat  closed at $9.65, down 25 1/4 cents, currently up 10 1/4 cents

Cash HRW Wheat  was $9.23 7/8 on Thursday, down 25 1/2 cents,

Dec 22 MGEX Wheat  closed at $9.62 1/2, down 19 cents, currently up 12 1/4 cents