Monday’s wheat trade has futures working red so far. CBT futures are down by 2 3/4 to 5 1/2 cents, with Dec holding at the $8 mark for midday. Dec SRW got to $7.86 at the low for the day. KC HRW futures are 2 1/2 to 4 1/2 cents in the red for the front months. Spring wheat prices are down 4 to 6 1/4 cents so far.
Weekly wheat exports were 279,904 MT from the Inspections report. That was a 109k MT increase wk/wk and was up 87k MT from the same week last year. White wheat made up 43% of the total, with HRW for 34%.
IKAR forecasts Russian wheat exports at 44 MMT, up from their 42 MMT prior estimate on 101.5 MMT of production. Russia’s wheat export tax was down 6.4% for the week to 2,735 rubles/tonne (~$44.93).
China released 40,152 MT of wheat from state reserves, 100% of the offer, on 11/16, at an average price of $11.14 per bushel.
Rosario Grains Exchange lowered their Argentinian wheat export estimate to 6.5 MMT, from 7, citing lower wheat production. 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.
Dec 22 CBOT Wheat is at $8.00, down 3 1/4 cents,
Mar 23 CBOT Wheat is at $8.17 1/2, down 4 1/2 cents,
Cash SRW Wheat is at $7.34 1/4, down 3 1/4 cents,
Dec 22 KCBT Wheat is at $9.33 1/4, down 1 cents,
Cash HRW Wheat is at $8.92 1/2, down 1 cent,
Dec 22 MGEX Wheat is at $9.47 3/4, down 3 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.
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