Wheat Futures Higher after Tight Overnight Range

Wheat futures in Chicago stayed in a tighter 6 1/4 cent range overnight. SRW is fractionally higher so far, with a mixed spring wheat board and fractional to 3 cent gains in KC HRW. Wheat futures closed near their highs yesterday. Chicago wheat futures ended 7 1/2 to 9 cents higher as March settled 2 1/4 cents off the day’s high. March SRW printed a 17 1/2 cent range on the day. KC HRW futures closed with 9 1/4 to 10 1/2 cent gains. Spring wheat went home 4 to 4 3/4 cents higher on Wednesday. 

Analyst estimates for the weekly Export Sales report range 75k MT to 450k MT for wheat sold during the week that ended 1/05. New crop wheat bookings are estimated below 150k MT. 

Ahead of the USDA Wheat Seedings data, analysts are looking for all winter wheat acreage to total 34.5m acres. Last year’s planting was 33.3m acres. HRW specifically is looking to expand by 800k on average, with a 300k acre boost for SRW. 

Pre-report estimates for global wheat stocks average 268.3 MMT ahead of Thursday’s reports. If realized that would be a 900k MT increase, though the full range of expectations is from a 1.9 MMT cut to a 7.7 MTM boost. 

Mar 23 CBOT Wheat  closed at $7.40, up 9 cents, currently up 3/4 cents

May 23 CBOT Wheat  closed at $7.48 1/4, up 8 3/4 cents, currently up 3/4 cents

Cash SRW Wheat  was $6.84 5/8 on Wednesday, up 9 cents,

Mar 23 KCBT Wheat  closed at $8.22 1/4, up 10 1/2 cents, currently up 1 1/4 cents

Cash HRW Wheat  was $7.87 1/8 on Wednesday, up 10 1/2 cents,

Mar 23 MGEX Wheat  closed at $8.99 1/4, up 4 3/4 cents, currently up 2 3/4 cents