
Wheat prices are backing off through the Wednesday session’s midday. Chicago prices are giving back 4 to 5 1/4 cents. Midday KC wheats are down by 3 to 5 1/2 cents. Front month spring wheat futures are trading 7 to 9 1/2 cents in the red.
Weekly wheat export inspections were 320,473 MT for the week that ended 1/12.
The Buenos Aires Grains Exchange estimated Argentina’s wheat 22/23 wheat exports would be an 8-yr low down by 62% yr/yr at 5.9 MMT. The official USDA estimate was for Argentina to ship 7.5 MMT.
IKAR estimates 45.5 MMT of Russian wheat exports, up from 44 MMT in their prior forecast and compared to 33 MMT last year and USDA’s 45 MMT estimate.
The EU Commission reported wheat exports remain 6% ahead of last year’s pace with 17.7 MMT shipped MYTD.
Algeria booked +500k MT of wheat via tender, mostly to be sourced from the Black Sea.
Mar 23 CBOT Wheat is at $7.47 3/4, down 4 cents,
May 23 CBOT Wheat is at $7.55 1/2, down 3 1/2 cents,
Cash SRW Wheat is at $6.92 1/2, down 4 1/4 cents,
Mar 23 KCBT Wheat is at $8.52 1/4, down 3 1/2 cents,
Cash HRW Wheat is at $8.17, down 3 1/2 cents,
Mar 23 MGEX Wheat is at $9.08 1/4, down 7 3/4 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. For more information please view the Barchart Disclosure Policy here.