Front month wheat quotes are in the black after a quiet USDA report. Chicago prices are 5 3/4 to 8 3/4 cents higher so far. KC HRW futures are trading with midday gains of 3 3/4 to 8 cents. Spring wheat quotes are up by as much as 9 cents, though new crop is only gaining a nickel.  Wheat markets were stronger into the report’s release. The new cash average price is $9/bu, a dime weaker than the Jan figure.Â
USDA essentially left the domestic S&D tables UNCH from Jan, save for a 2 mbu lighter food use, 1 mbu more seed use, Â and a 1 mbu looser carryout. The average trade guess was to see a 12 mbu looser carryout.Â
USDA’s global S&Ds showed a 2.5 MMT production boost, mainly from Australia (+1.4) and Russia (+1). Trade was raised by 2 MMT with a 1 MMT boost for China. Carryout was 950k MT higher on net from January, which was slightly above the trade average guess going in.Â
Mar 23 CBOT Wheat  is at $7.60, up 10 1/4 cents,
May 23 CBOT Wheat  is at $7.70 1/4, up 9 cents,
Cash SRW Wheat  is at $6.99 1/2, up 9 3/4 cents,
Mar 23 KCBT Wheat  is at $8.97 1/2, up 11 3/4 cents,
Cash HRW Wheat  is at $8.64 7/8, up 11 3/4 cents,
Mar 23 MGEX Wheat  is at $9.27 1/2, up 10 1/4 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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