Wheat Futures Mixed for Friday

So far ahead of the 3-day weekend, wheats are trading within a nickel of the Thursday’s close. Overnight SRW got to +6 cents, but the board is down by 2-3 currently. HRW is still in the black for Friday. Hard red winter wheat futures were 1.3% to 1.55% higher on report day with double digit gains. Spring wheat followed with 8 1/2 to 13 cent gains of as much as 1.45%. Chicago wheat futures closed +20 cents off their lows, but were only 1 3/4 to 2 3/4 cents higher on the day. 

USDA has winter wheat planted area for 2023 at 36.95 million acres, up from 34m acres last season and 34.5m expected. In the WASDE report, USDA revised last June’s wheat ending stocks 29 mbu higher.  That was added to 2022/23 beginning stocks, but they raised domestic use by 33 million bushels for this year. That set the carryout estimate 4 mbu lighter at 567 mbu.

The global picture saw Ukraine production and exports each upped by 500k MT to 21 MMT and 13 MMT respectively. Total world wheat output is 781.31 MMT. 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  closed at $7.42 3/4, up 2 3/4 cents, currently down 2 1/4 cents

May 23 CBOT Wheat  closed at $7.50 3/4, up 2 1/2 cents, currently down 2 3/4 cents

Cash SRW Wheat  was $6.86 3/8 on Thursday, up 2 3/4 cents,

Mar 23 KCBT Wheat  closed at $8.35, up 12 3/4 cents, currently up 3 1/2 cents

Cash HRW Wheat  was $8.00 7/8 on Thursday, up 12 3/4 cents,

Mar 23 MGEX Wheat  closed at $9.12 1/4, up 13 cents, currently down 1 1/4 cents