Wednesday’s wheat trade is set to begin the day session with additional losses. Front month wheat futures fell by over 1% and in some cases over 2% to start the month. SRW gave back 14 to 16 1/2 cents on the day. KC wheat futures closed 15 3/4 to 18 3/4 cents in the red. Spring wheat on the MGE fell 10 1/2 to 19 1/2 cents on Tuesday.
Kansas winter wheat ratings were 19% good/ex as of 1/3. Their ratings convert to a 249 on the Brugler500 Index, a 15 point drop from last month and a sharp 54 point degrade from last season’s Jan 3rd ratings.
Weekly Inspections data showed 85,672 MT of wheat was shipped during the week of 12/29. That was down by 228k MT from the week prior and was 145k MT under the same week last year. USDA reported 11.84 MMT of wheat was shipped for the season through 12/29 – down by 3% from last year’s pace.
Data from Ukraine’s Ag Ministry showed 8.4 MMT of wheat was shipped MYTD through 1/2/23. That trails 21/22’s pace by 48%.
Mar 23 CBOT Wheat closed at $7.75 1/2, down 16 1/2 cents, currently down 10 1/2 cents
May 23 CBOT Wheat closed at $7.82 3/4, down 16 cents, currently down 9 3/4 cents
Cash SRW Wheat was $7.16 3/8 on Tuesday, up 36 1/8 cents,
Mar 23 KCBT Wheat closed at $8.69 1/4, down 18 3/4 cents, currently down 12 cents
Cash HRW Wheat was $8.33 5/8 on Tuesday, down 24 1/2 cents,
Mar 23 MGEX Wheat closed at $9.19 1/4, down 19 1/2 cents, currently down 6 1/4 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.
