KC HRW Wheat Posting Midday Gains

Midday wheat prices are up so far for Monday. Chicago futures are trading mixed with losses of 2 cents to gains of 1 1/4 cents. KC HRW is up the most with midday gains of as much as 6 cents. Front month spring wheat prices are trading fractionally mixed to 1 1/2 cents higher so far.  

Weekly Inspections data showed 536,355 MT of wheat was exported during the week that ended 2/02. That was up from 446k MT last week, and was 102k MT above the same week last year. USDA’s data had +100k MT for each class, but white wheat led the week with 174k MT of the total. The accumulated wheat export was at 13.759 MMT as of 2/02, trailing last year’s pace by 291k MT. 

Ukraine’s Ag Ministry expects the 2023 grain harvest will be 45-50 MMT, down from 2022’s 53.2 MMT grain crop. 

Russia’s wheat export tax will be 4,497 Rubles/MT (~$63.75/MT) according to Interfax. That is up from 4,365 last week. 

U.S. wheat carryout is anticipated to loosen 7.6 mbu in USDA’s Feb WASDE, according to the average of pre-report estimates. That would leave carryout at 574.6 mbu if realized. The full range of estimates for domestic wheat stocks is from 557 (-10) to 612 (+45) mbu. Global wheat stocks are estimated to be reported at 268.8 MMT, which would be 400k MT looser if realized. 

Mar 23 CBOT Wheat  is at $7.54 3/4, down 2 cents,

May 23 CBOT Wheat  is at $7.66 1/4, down 2 cents,

Cash SRW Wheat  is at $6.93 1/2, down 2 1/4 cents,

Mar 23 KCBT Wheat  is at $8.79, up 6 cents,

Cash HRW Wheat  is at $8.46 5/8, up 5 3/4 cents,

Mar 23 MGEX Wheat  is at $9.20 1/4, down 1 1/4 cents,