Wheat Setting Higher into Report Day

Wheat futures are trading fractionally to 4 cents in the black so far this morning. KC HRW futures extended their gains for the week with Tuesday adding 3 1/2 to 9 3/4 cents to the upside across the front months. Chicago wheat prices ended the day with fractional old crop losses and fractional new crop gains. Spring wheat futures were mostly lower, with losses limited to a penny. The September HRS contract was half a cent higher on the day as the outlier there. 

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 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. 

Estimates for USDA’s Feb WASDE are looking for global wheat stocks to be reported at 268.8 MMT, which would be 400k MT looser if realized. 

Mar 23 CBOT Wheat  closed at $7.49 3/4, down 1/2 cent, currently up 4 cents

May 23 CBOT Wheat  closed at $7.61 1/4, down 3/4 cent, currently up 3 1/2 cents

Cash SRW Wheat  was $6.90 5/8, up 5/8 cent,

Mar 23 KCBT Wheat  closed at $8.85 3/4, up 9 3/4 cents, currently up 7 1/4 cents

Cash HRW Wheat  was $8.52, up 9 1/2 cents,

Mar 23 MGEX Wheat  closed at $9.17 1/4, down 1/4 cent, currently up 4 3/4 cents