Wheat futures are trading higher led by HRW through midday. Chicago wheat is fractionally to 1 1/4 cents higher. HRW is trading higher by as much as 8 1/2 cents so far. MPLS spring wheat futures are working with 1 3/4 to 2 3/4 cent gains thus far.
StatsCan data showed 22.294 MMT of wheat stocks as of 12/31. That was in line with the trade average guess and up from 16.816 MMT during last year’s drought. Durum wheat stocks were shown at 3.695 MMT, 1.162 above last year.
The monthly Census report confirmed 1.079 MMT, or 39.63 mbu, of wheat was shipped in December. That was the lowest volume on record for the month since reporting began in 1967 and was the lowest for any month since October of ’71. The MY total was 457.45 mbu through December.
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 $7.51 3/4, up 1 1/2 cents,
May 23 CBOT Wheat is at $7.63 1/2, up 1 1/2 cents,
Cash SRW Wheat is at $6.92 5/8, up 2 5/8 cents,
Mar 23 KCBT Wheat is at $8.85, up 9 cents,
Cash HRW Wheat is at $8.51 1/2, up 8 7/8 cents,
Mar 23 MGEX Wheat is at $9.19 1/2, up 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.
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