Midday Wheat Quotes Double Digits in Black

Wheat futures are trading with double digit gains so far. CBT SRW is trading up by as much as 13 cents currently. Midday HRW quotes are 18 to 22 cents in the black. Spring wheat prices are up by 8 to 10 1/2 cents so far. 

USDA reported wheat export sales were 500,249 MT for the week that ended 1/19. Japan and Mexico were the top buyers for the week. By class white wheat led the charge with nearly 200k MT. Accumulated wheat commitments were 16 MMT as of 1/19, which remains 7% under last year’s pace. 

Going into the weekly Export Sales report, analysts anticipate between 150,000 and 500,000 MT of wheat sales for the week of 1/19. New crop bookings are estimated to be below 75k MT. 

S&P Global Commodity Insights expects the 2023 wheat planting will be near 49.837m acres. That included the USDA reported 36.95m winter wheat acres with a 3.4% increase to spring wheat area. 

The European Commission reported soft wheat exports as 18.1 MMT for the season through 1/22. That remains 6.1% ahead of last year’s pace. 

Mar 23 CBOT Wheat  is at $7.55 1/2, up 14 1/4 cents,

May 23 CBOT Wheat  is at $7.63, up 14 cents,

Cash SRW Wheat  is at $7.01 1/4, up 14 1/2 cents,

Mar 23 KCBT Wheat  is at $8.66 1/4, up 23 cents,

Cash HRW Wheat  is at $8.31 1/8, up 23 cents,

Mar 23 MGEX Wheat  is at $9.21, up 11 1/2 cents,