Wheat prices are back up for the Friday trade so far. CBT is trading as much as 6 cents in the black. KC wheat is up double digits in the front months. MPLS spring wheat is gaining 2 1/2 to 7 cents per bushel so far.Â
USDA reported the weekly wheat bookings at 473k MT for the week that ended 1/12. That was 500% more than the prior week and was 24% above the same week that ended last year. Mexico and South Korea were the top buyers for the week. The FAS report had accumulated exports at 11.164 MMT (a 4.6% lag yr/yr), which is 53% of the USDA full year forecast.Â
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.Â
Ukraine exported 8.9 MMT of wheat according to the ag ministry data.Â
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.Â
Mar 23 CBOT Wheat  is at $7.40 1/2, up 6 cents,
May 23 CBOT Wheat  is at $7.48, up 5 1/4 cents,
Cash SRW Wheat  is at $6.85 3/8, up 6 cents,
Mar 23 KCBT Wheat  is at $8.43 3/4, up 11 3/4 cents,
Cash HRW Wheat  is at $8.09 5/8, up 11 3/4 cents,
Mar 23 MGEX Wheat  is at $9.10 3/4, up 6 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.
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