Wheat Fades on Monday Afternoon

Wheat futures faded their initial Monday strength, closing mixed but mostly higher. CBT futures ended the day 1 1/4 to 2 3/4 cents higher. KC futures were fractionally mixed to 2 3/4 cents higher at the bell. Spring wheat prices closed UNCH to 2 1/2 cents in the black. 

The weekly Crop Progress report from NASS had 69% of the 23/24 winter wheat crop planted and 38% emerged. That is up from 55% and 26% last week as planting is now 1% point ahead of the average pace. Average emergence would be 44% as of 10/16. Colorado, Nebraska, and South Dakota all have less than 10% to go. 

Weekly wheat exports were 231,842 MT according to USDA’s Export Inspections report. That was down from 615k MT shipped last week, but was more than the 142k MT from the same week last year. MYTD wheat exports are now 24,131 MT ahead of last year’s pace with 9.36 MMT shipped. 

China sold 41,359 MT, the full offer, of wheat from state reserves at an average of 2,854 yuan/MT (~$396.63/tonne). The wheat released was a mix of ’14, ’15, and ’16 crops. The Philippines is in the market for 165k MT of feed wheat. Japan’s MAFFF is seeking 70k MT of feed wheat and 40k MT of feed barley. 

Ukraine’s Ag Ministry reported 19.2 MMT of wheat was pulled from 100% of expected area finishing the 22/23 harvest. Last season’s crop was 32.2 MMT according to their data. USDA had a 20.5 MMT output for Ukraine in their October WASDE. 

Dec 22 CBOT Wheat  closed at $8.61, up 1 1/4 cents,

Mar 23 CBOT Wheat  closed at $8.78 3/4, up 1 3/4 cents,

Cash SRW Wheat  was $7.96 5/8, up 1 1/4 cents,

Dec 22 KCBT Wheat  closed at $9.52, down 1/4 cent,

Cash HRW Wheat  was $9.10 3/8, down 1/4 cent,

Dec 22 MGEX Wheat  closed at $9.55 1/4, up 1 cent,