So far wheat markets are down by 2 to 4 cents across all classes ahead of the WASDE data. Overnight action was mostly higher, with Dec SRW up 6 cents at one point. Tuesday’s wheat trade ended with futures down by +1%. CBT SRW closed 1.8% to 2.1% in the red on losses of as much as 18 cents before the USDA reports. KC HRW closed down by 1.2% to 1.5% with a 14c loss in the Sep ’23 contract. MPLS wheat was the firmest of the complex, but still settled 6 3/4 to 9 3/4 cents weaker.
Japan is in the market for 95k MT of wheat via a regular tender – including 63k MT of U.S. Algeria’s 400k MT tender is thought to have been filled by $367/MT C&F from Russia.
Private Firm SovEcon raised their export forecast for Russia’s 22/23 wheat, up by 300k MT to 43.7 MMT citing a rapid sales pace.
Pre-report estimates show the trade expects USDA trim wheat world stocks by 0.6 MMT to 266.9 MMT.
Dec 22 CBOT Wheat closed at $8.27 3/4, down 18 cents, currently down 3 3/4 cents
Mar 23 CBOT Wheat closed at $8.47 1/2, down 16 1/2 cents, currently down 4 cents
Cash SRW Wheat was $7.60 1/8 on Tuesday, down 17 7/8 cents,
Dec 22 KCBT Wheat closed at $9.45 3/4, down 11 1/2 cents, currently down 3 1/4 cents
Cash HRW Wheat was $9.04 ¾ on Tuesday, down 11 1/2 cents,
Dec 22 MGEX Wheat closed at $9.50 1/2, down 9 3/4 cents, currently down 1 1/2 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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