Wheat Turned Around to Close Mixed

Wheat also retreated from the intra-day highs, and that left Chicago prices in the red. Front month SRW dropped 18 1/2 cents from the high and closed 1 3/4 to 4 cents lower. KC prices faded 14 cents from their intra-day highs but were still up by 3 cents. Spring wheat futures were 3 1/2 to 6 1/2 cents higher at the bell. 

Russia’s Ag Ministry expects 22/23 wheat harvest will be between 80-85 MMT, down from the record 91 MMT in 2021/22. 

USDA’s Ag Attache sees Ukrainian wheat production at 19.9 MMT, down from the USDA’s official 20.5 MMT forecast and the 33 MMT crop last season. Wheat exports were expected to reach 15.1 MMT, up from the official 11 MMT estimate. 

The Ukraine export corridor deal, formally known overseen by the Joint Coordination Centre, reported Ukrainian Black Sea port shipments were down about 21% for the week of 12/11 under the Black Sea Grain Initiative. Since the deal brokered in July the Ukraine has shipped 13.6 MMT of grain via port.

The French Ag Ministry reported 6.71m HA of winter grains had been planted through 12/13. That is up 1.2% yr/yr and includes 4.75m HA of wheat a 1.7% lead over last year’s planted area. 

Dec 22 CBOT Wheat  closed at $7.28 3/4, down 4 1/4 cents,

Mar 23 CBOT Wheat  closed at $7.50 3/4, down 4 cents,

Cash SRW Wheat  was $6.90 1/4, down 3 3/4 cents,

Mar 23 KCBT Wheat  closed at $8.65 1/4, up 3 cents,

Cash HRW Wheat  was $8.28 1/2, up 3 cents,

Mar 23 MGEX Wheat  closed at $9.22 3/4, up 6 1/2 cents,