Double Digit Drop in Midday Wheat Market

Wheat markets are working double digits in the red so far for Thursday. KC HRW is trading down the most with a 16 cent loss of 1.8%. CBT SRW is down with 13 cent losses of 1.7%. Spring wheat futures are working 7 to 12 cents lower on 0.3% to 1.3% losses.  

On Tuesday, Egypt’s GASC booked 200k MT of Russian wheat. 

The China Enterprise United Grain Reserve Co is set to begin operations in January. Sinograin and COFCO created this joint venture back in September for better state grain reserves management within the PRC. 

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  is at $7.73 1/2, down 12 cents,

May 23 CBOT Wheat  is at $7.80 1/2, down 12 1/4 cents,

Cash SRW Wheat  is at $7.14 1/4, down 11 3/8 cents,

Mar 23 KCBT Wheat  is at $8.68 1/2, down 13 3/4 cents,

Cash HRW Wheat  is at $8.30 3/4, down 14 3/8 cents,

Mar 23 MGEX Wheat  is at $9.21 3/4, down 12 1/4 cents,