In lieu of major news breaks, the wheat market is firming back up with 1 1/4 to 4 1/4 cent gains in SRW. The hard red wheats are staying red through midday with HRW down 1 1/2 to 5 3/4 cents and HRS 1 to 4 1/2 cents weaker.Â
StatsCan production estimates show traders expect Canadian wheat to increase 100k MT to 34.8 MMT from the prior estimate. The full range is to see between 33.8 MMT (-0.9 MMT) and 35.5 MMT (+0.8 MMT) ahead of the data. Spring wheat specifically is expected to be revised down by 200k MT to 25.9 MMT, with durum xpected to drop 200k MT to 5.9 MMT.Â
Pakistan is in the market for 500k MT of wheat, with the tender closing on 11/30. Turkey is seeking 455k MT of milling wheat via tender. China sold 39,995 MT of wheat from state reserves on 11/23 for an average price of 2,815 yuan/MT (~ $389.59/MT).Â
APK-Inform estimates Ukraine’s 22/23 wheat harvest will reach 19 MMT, with all grain exports ranging from 24.3 MMT to 40.3 MMT depending on the logistics situation. Ukraine’s wheat exports reached 6.6 MMT for the season that started 7/1 according to the Ag Ministry. That is down 54% yr/yr.Â
Dec 22 CBOT Wheat  is at $7.60 3/4, up 4 cents,
Mar 23 CBOT Wheat  is at $7.83 3/4, up 3 cents,
Cash SRW Wheat  is at $6.95 1/1, up 4 1/4 cents,
Dec 22 KCBT Wheat  is at $9.04, down 3/4 cent,
Cash HRW Wheat  is at $8.61, down 3/4 cent,
Dec 22 MGEX Wheat  is at $9.52, up 3/4 cent,
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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