Friday Wheat Weakening

Approaching midday, the wheat market is down by double digits in KC. HRW futures are giving back 1.06% to 1.7% in the front months. CBT SRW futures are trading 2 1/4 to 4 cents lower so far. Spring wheat futures are down by 4 1/2 to 7 1/2 cents at midday. 

USDA reported that 468,962 MT of wheat was sold during the week that ended 12/08. Traders anticipated >370k MT pre-report. Unknown destinations were the top buyers for the week. USDA had total commitments at 14.11 MMT (518.5 mbu) as of 12/08. That makes up 66.9% of the WASDE forecast, compared to last year’s 558.9 mbu of commits at 66.5% of the Dec ’21 WASDE. 

Japan booked 154,942 MT of wheat from the U.S., Canada, and Australia with 65,870 MT from the U.S. specifically via their regular tender. 

Mar 23 CBOT Wheat  is at $7.53 1/4, down 4 cents,

May 23 CBOT Wheat  is at $7.61 1/2, down 4 1/2 cents,

Cash SRW Wheat  is at $6.93 3/8, down 3 1/2 cents,

Mar 23 KCBT Wheat  is at $8.46, down 14 1/2 cents,

Cash HRW Wheat  is at $8.10 1/2, down 14 3/4 cents,

Mar 23 MGEX Wheat  is at $9.12, down 6 3/4 cents,