Friday Weakness for Wheat Futures

Through midday the wheat market is trading in the red, with SRW down a dime from the earlier higher. The other front month SRW contracts are down by 4 1/4 to 5 3/4 cents for the day. KC wheat futures are trading down 6 1/2 to 8 cents through the midday. Spring wheat futures are working 3 to 6 cents lower so far. 

China’s Customs reported wheat imports were 1.24 MMT in October, a 157% increase yr/yr. Through October of ’22, Customs tracked 7.87 MMT of wheat – a 2.6% lighter volume than the same time in 2021. 

Argentina’s Economy Ministry estimates the wheat crop at 13.4 MMT for 22/23, a 39.4% drop from 21/22 – citing both the prolonged drought and frost conditions in the south. 

The International Grains Council reduced their world wheat output from 792 MMT to 791 MMT. The main difference was via a 4.5 MMT reduction in Argentina (13 MMT), partially offset by an increase in Australia (to 34.7 MMT). Trade was maintained UNCH but stocks fell by 4 MMT, as carry-in from 21/22 was reduced. 

Dec 22 CBOT Wheat  is at $8.02 3/4, down 4 cents,

Mar 23 CBOT Wheat  is at $8.21, down 4 cents,

Cash SRW Wheat  is at $7.37 1/1, down 4 1/8 cents,

Dec 22 KCBT Wheat  is at $9.31 1/2, down 6 1/2 cents,

Cash HRW Wheat  is at $8.90 7/8, down 24 cents,

Dec 22 MGEX Wheat  is at $9.49 1/2, down 4 1/4 cents,