Wheat Closes Mixed with Stronger Winter Wheats

KC and Chicago wheat futures firmed up on the day, ending with SRW up by 3 3/4 to 5 3/4 cents and front month HRW futures up by 4 to 6 1/2 cents. Minneapolis spring wheat closed fractionally weaker on the day, tightening its premium to HRW to now 11 1/4 cents (Dec). 

USDA’s Ag Attaché lowered their Argentina wheat production estimate from 17.5 MMT to 15.5 – citing the drought. That also reduced their outlook for 22/23 exports to 10 MMT. The Rosario Grains Exchange figures output at 13.7 MMT, down from 15 MMT also citing the drought. 

Pre-report estimates ahead of tomorrow’s Export Sales data show traders are looking for between 100,000 MT and 450,000 MT of wheat bookings. Forward sales for 23/24 delivery are expected to be below 50k MT. 

Thailand purchased 60k MT of feed wheat to be sourced from Australia or the Black Sea. Taiwan booked 38,515 MT of milling wheat from the U.S. via tender. Pakistan is in the market for 500k MT of wheat. Iraq’s 50k MT wheat tender moved the deadline back to 10/30, form 10/24. 

Dec 22 CBOT Wheat  closed at $8.40 1/2, up 5 3/4 cents,

Mar 23 CBOT Wheat  closed at $8.59 1/2, up 5 1/4 cents,

Cash SRW Wheat  was $7.74 1/1, up 5 3/4 cents,

Dec 22 KCBT Wheat  closed at $9.40 3/4, up 6 1/4 cents,

Cash HRW Wheat  was $8.99 1/1, up 6 1/4 cents,

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