
At the close on Thursday, wheat prices were double digits in the red. Chicago prices ended the day 1.2$ to 1.4% lower with 10 to 11 3/4 cent losses. Dec ’23 futures are still above the $8/bu mark. KC HRW futures settled Thursday with 1.6% to 1.8% losses, giving back 15 cents. Front month spring wheat was 1.4% to 2.14% in the red at the closing bell, though the old crop contracts held at the $9/bu mark. KC and MPLS are still inverted and CBT still has a carry.
USDA’s weekly Export Sales data is expected to show between 200k and 450k MT of old crop wheat sales for the week that ended 12/22. New crop bookings are expected to be below 25k MT.
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.
Mar 23 CBOT Wheat closed at $7.74, down 11 1/2 cents,
May 23 CBOT Wheat closed at $7.81, down 11 3/4 cents,
Cash SRW Wheat was $7.15 3/4, down 11 cents,
Mar 23 KCBT Wheat closed at $8.66 1/2, down 15 3/4 cents,
Cash HRW Wheat was $8.28 1/1, down 16 1/4 cents,
Mar 23 MGEX Wheat closed at $9.14, down 20 cents,
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.