The Wednesday wheat trade pulled yesterday’s gains back off the table. Chicago finished the session down by 6 1/2 to 9 1/4 cents. KC HRW futures closed 9 3/4 to 14 1/4 cents weaker on the day, leaving March at a net 3 1/4 cent draw down for the week. MPLS spring wheats gave back 1.4% to 1.6% on the day, though March HRS held at the $9 mark.
China is set to sell 140k MT of wheat from state reserves. Chinese custom’s data revealed their December imports were up 14.5% from Dec ’21. Their 2022 full year wheat imports were a record 9.96 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.
Mar 23 CBOT Wheat closed at $7.42 1/2, down 9 1/4 cents,
May 23 CBOT Wheat closed at $7.50 1/4, down 8 3/4 cents,
Cash SRW Wheat was $6.87 1/2, down 9 1/4 cents,
Mar 23 KCBT Wheat closed at $8.41 1/2, down 14 1/4 cents,
Cash HRW Wheat was $8.06 3/8, down 14 1/4 cents,
Mar 23 MGEX Wheat closed at $9.01, down 15 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.
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