Friday wheat spreading has the CBT market down by 2 1/2 to 3 1/4 cents through midday, while the hard red classes remain in the black. KC HRW is trading 3 3/4 to 5 3/4 cents higher so far and MPLS HRS prices are fractionally higher to 2 cents in the black.
USDA’s Ag Attaché expects Australia’s wheat crop will be 37 MMT flat compared to the official WASDE forecast of 36.6 MMT.
SovEcon expects the 2023 wheat crop to be 18.2 MMT out of Ukraine, which is 600k MT above their prior estimate given rainfall.
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.
Mar 23 CBOT Wheat is at $7.48 1/4, down 4 1/4 cents,
May 23 CBOT Wheat is at $7.57 1/2, down 3 cents,
Cash SRW Wheat is at $6.94 1/8, down 4 1/4 cents,
Mar 23 KCBT Wheat is at $8.69 1/2, up 4 3/4 cents,
Cash HRW Wheat is at $8.34 3/8, up 4 3/4 cents,
Mar 23 MGEX Wheat is at $9.19 1/2, up 1 1/2 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.
/NVIDIA%20Corp%20logo%20on%20phone%20and%20AI%20chip-by%20Below%20the%20Sky%20via%20Shutterstock.jpg)
/Broadcom%20Inc%20logo%20on%20building-by%20Poetra_%20RH%20via%20Shutterstock.jpg)
/Oracle%20Corp_%20logo%20on%20phone%20and%20stock%20data-by%20Rokas%20Tenys%20via%20Shutterstock.jpg)