Wheats Trading Higher into Friday’s Day Start

Front month wheat prices are up by double digits and working near the overnight highs after a mostly one directional overnight trade into the week’s final session. The nearby wheat market ended with mixed but mostly lower. SRW prices gave back 3 to 5 1/2 cents on the day. December stayed at a net 11 1/4 cent gain wk/wk so far. KC wheat held firmer with December up by a penny on the day. The other HRW futures were down by as much as 2 1/2 cents. MPLS wheats closed 4 to 6 1/4 cents in the red. 

U.S. wheat exports were 3.048 MMT in September according to Census data. That was a MY high and was up 32% from Sep ’21. MYTD wheat shipments totaled 8.67 MMT, but down 4% from last year’s pace as the slowest 4 month start since 18/19. 

Weekly USDA Export Sales data had 348k MT sold during the week of 10/27. That was down by 45% through the week and was 13% below the same week last year – but inline with estimates. South Korea was the week’s top buyer – though Mexico was the top destination with 60k MT of the 118k MT total. Accumulated commitments reached 12.17 MMT through 10/27 according to the weekly release. That compares to 13 MMT flat last year. 

Ukraine’s Ag Ministry reported that 13.4 MMT of grain shipments for the season through 11/2. That was down 32% from last year, and included 5.1 MMT of wheat which was down 60% from last year. IKAR estimated the Russian 22/23 wheat crop at 101 MMT with 50 MMT of exportable supply.

Dec 22 CBOT Wheat  closed at $8.40 1/2, down 5 1/2 cents, currently up 11 3/4 cents

Mar 23 CBOT Wheat  closed at $8.59 3/4, down 5 1/4 cents, currently up 11 1/2 cents

Cash SRW Wheat  was $7.73 5/8 on Thursday, down 5 cents,

Dec 22 KCBT Wheat  closed at $9.41 1/4, up 1 cent, currently up 13 cents

Cash HRW Wheat  was $8.99 ¼ on Thursday, up 1 1/4 cents,

Dec 22 MGEX Wheat  closed at $9.43, down 6 1/4 cents, currently up 12 cents