March and May spring wheat contracts were the complex’s outliers as they ended the session 3 and 1 cents in the black respectively. The other wheat markets faded on Thursday, with deferred spring wheats closing 1 to 2 cents lower. CBT SRW gave back 6 1/2 to 8 cents across the front months, while KC HRW fell by 9 cents on the day.
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.
Mar 23 CBOT Wheat closed at $7.34 1/2, down 8 cents,
May 23 CBOT Wheat closed at $7.42 3/4, down 7 1/2 cents,
Cash SRW Wheat was $6.80 1/2, down 8 cents,
Mar 23 KCBT Wheat closed at $8.32, down 9 1/2 cents,
Cash HRW Wheat was $7.97 7/8, down 9 1/2 cents,
Mar 23 MGEX Wheat closed at $9.04, up 3 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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