Wheat Holding in Black through Midday

The current wheat market is fractionally to 1 3/4 cents higher in SRW contracts through Thursday’s midday. In the KC HRW market, midday quotes have futures fractionally to 1 1/4 cents higher. Spring wheat prices are trading up by as much as 6 1/2 cents so far.  

Ahead of the weekly FAS Export Sales data, traders estimate between 75k MT of wheat and 400,000 MT were sold for the week that ended 1/12. New crop wheat sales are expected to be under 75k MT for the week. 

The FranceAgriMer reported 10.6 MMT of wheat should be exported during this season. That was a 300k MT increase from their prior outlook. They estimate ending stocks at 2.33 MMT, a drop from last year’s 2.55 MMT carryout. 

Ukraine exported 8.9 MMT of wheat according to the ag ministry data. 

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  is at $7.43 1/4, up 3/4 cent,

May 23 CBOT Wheat  is at $7.51 1/4, up 1 cent,

Cash SRW Wheat  is at $6.88 1/4, up 3/4 cent,

Mar 23 KCBT Wheat  is at $8.42, up 1/2 cent,

Cash HRW Wheat  is at $8.07 7/8, up 1/2 cent,

Mar 23 MGEX Wheat  is at $9.07, up 6 cents,