Wheat Closes Wednesday Higher

Front month wheat futures ended the Wednesday session with gains, save for a fractional drop in March HRS. Spring wheat futures closed fractionally to 2 1/4 cents in the black. CBT SRW futures rallied by 11 3/4 to 12 cents on Wednesday. KC futures closed up by 3 to 6 cents in the front months. 

Data from the Ukrainian Ag Ministry has wheat exports at 8.2 MMT for the season, a 48% drop from last year’s pace. All grain shipments trail last season by 30% through 12/28. 

Russia’s Ag Ministry expects their wheat crop is 105.7 MMT, compared to USDA’s official forecast of 91 MMT. Sovecon raised their private outlook by 300k MT for a 101.2 MMT 22/23 output. Russian production and yield numbers are difficult to decipher due to differences in how they account for the four Ukraine provinces Russia claims as its territory, and confirmed reports of grain being harvested within Ukraine by Russian firms that then moved the grain to Russia. 

Mar 23 CBOT Wheat  closed at $7.85 1/2, up 11 cents,

May 23 CBOT Wheat  closed at $7.92 3/4, up 11 3/4 cents,

Cash SRW Wheat  was $7.26 5/8, up 10 5/8 cents,

Mar 23 KCBT Wheat  closed at $8.82 1/4, up 3 cents,

Cash HRW Wheat  was $8.44 1/1, up 1 1/4 cents,

Mar 23 MGEX Wheat  closed at $9.34, down 1/4 cent,