Midday Wheats Higher, but Left Behind By Corn and Beans

Following the data, wheat futures are trading with a penny gain in the SRW market and 6 cents in the HRW market. Spring wheat futures are double digits higher so far. Going into the report the board was lower with losses of as much as 10 cents. The updated cash price for wheat is still $9.10/bu.

USDA has winter wheat planted area at 36.95m acres, up from 34m acres last season and 34.5m expected. The full range of estimates was capped at 36.2m acres. 

USDA’s monthly WASDE saw 29 mbu increase to the beginning stockpile, with no other supply adjustments. Seed use was raised by 3 mbu, and feed and residual 30 mbu increased. That set the carryout estimate 4 mbu lighter at 567 mbu. 

The global picture saw limited changes, with no production adjustments to either Australia nor Argentina. Ukraine was upped by 500k MT to 21 MMT. The global output is 781.31 MMT. Exports were little changed as well, with a 500k MT boost to both EU and Ukraine. Ending stocks were shown at 268.39 MMT from 267.33 MMT last month, but the world minus China is figured at 124.3 MMT of wheat carryout.  

USDA’s weekly Export Sales report showed 90,803 MT of wheat was sold for the week that ended 1/05. That was an increase from the week prior’s MY low, but was still down 66% from the same week last year. Accumulated commitments were 15 MMT, which is 6.7% behind last year’s pace – compared to the WASDE expected full year lag of 3.1%. 

Mar 23 CBOT Wheat  is at $7.39 3/4, down 1/4 cent,

May 23 CBOT Wheat  is at $7.48 1/4, down 0 cent,

Cash SRW Wheat  is at $6.83 3/8, down 1/4 cent,

Mar 23 KCBT Wheat  is at $8.28 3/4, up 6 1/2 cents,

Cash HRW Wheat  is at $7.94 5/8, up 6 1/2 cents,

Mar 23 MGEX Wheat  is at $9.14, up 14 3/4 cents,