Wheat Futures Red at Midday

Wheats are buying their way off the lows through Monday’s midday. The board is still red, with SRW down 8 cents, KC wheat down 5 to 8 cents, and spring wheat futures down by 7 cents. 

USDA’s weekly Export Inspections data had 125,582 MT of wheat exports for the week of 10/20. That was down 46% wk/wk and was down by 36% compared to the same week last year. HRS was the top variety for the week’s total with 51.5k MT, each SRW, HRW, and white had 20-30k MT. The season’s accumulated wheat shipments reached 9.491 MMT, now trailing last year’s pace by 45,671 MT. 

Chinese Customs data showed 370,00 MT of wheat was imported during September. That was a 42% drop from Sep ’21. Through September, China’s 2022 wheat imports were 6.62 MMT. 

French wheat planting reached 46% complete as of 10/17, compared to 21% last week and to 36% during the same week last year. 

Dec 22 CBOT Wheat  is at $8.41, down 9 3/4 cents,

Mar 23 CBOT Wheat  is at $8.59 1/2, down 10 cents,

Cash SRW Wheat  is at $7.76 5/8, down 9 3/4 cents,

Dec 22 KCBT Wheat  is at $9.37 3/4, down 10 1/2 cents,

Cash HRW Wheat  is at $8.95 3/8, down 10 1/2 cents,

Dec 22 MGEX Wheat  is at $9.54, down 7 1/2 cents,