
After the uncertainty of the Poland / Black Sea conflict left wheat in the black yesterday, the midweek trade is reversing by double digits as the story unfolds. SRW is down by 14 to 14 3/4 cents so far. KC wheat is giving back 8 to 11 cents at midday. Spring wheat prices are trading with losses of 1.04% to 1.2% through midday.
Further investigation seems to have confirmed the missile that left two of Poland’s citizens dead was unintentional – and likely came from a Ukrainian anti-missile defense system response to a Russian barrage.
USDA reported a large private wheat sale this morning as Iraq booked 150k MT of HRS wheat for 22/23 delivery.
UK’s Agriculture and Horticulture Development Board foresees 1.803m HA of 23/24 wheat area. That would be down 0.1% from this season as they foresee fertilizer price pressure.
The European Commission reported MYTD wheat exports lead last season by 9.5% through 11/13 with 13.35 MMT shipped. Algeria, Morocco, and Egypt remain the top buyers.
Dec 22 CBOT Wheat is at $8.13 3/4, down 14 1/2 cents,
Mar 23 CBOT Wheat is at $8.33 1/2, down 14 1/2 cents,
Cash SRW Wheat is at $7.48 1/1, down 14 1/2 cents,
Dec 22 KCBT Wheat is at $9.54 3/4, down 8 1/4 cents,
Cash HRW Wheat is at $9.13, down 8 1/4 cents,
Dec 22 MGEX Wheat is at $9.62 1/4, down 11 3/4 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.