Wheat Down by Double Digits

Wheat prices are over a 1% lower in most of the front months through midday with some double digit losses. SRW is down 10 1/4 to 14 1/2 cents in the front months, with March giving back 1.8%. KC HRW is trading 10 1/4 to 13 1/2 cents weaker with May 1.5% in the red. Spring wheat futures are working 6 to 10 cents lower with a 1% loss in both the March and the May. 

USDA’s Ag Attache estimates the India wheat crop at 100 MMT. 

Wheat bulls are arguing that risk premium needs to be added to the wheat market as the Grain Corridor deal comes up for renewal in March. Bears argue that the Russians are making huge export sales at historically high prices and won’t want to upset global buyers. 

The French Ag Ministry estimates 23/24 winter grain area at 6.76m HA from 6.71 previously, with a 10k HA boost to wheat specifically – now at 4.76m HA and 2% higher yr/yr. France AgriMer reduced their wheat export forecast by 200k MT to 10.45 MMT. 

Mar 23 CBOT Wheat  is at $7.70 1/2, down 15 1/2 cents,

May 23 CBOT Wheat  is at $7.82, down 14 3/4 cents,

Cash SRW Wheat  is at $7.11 3/4, down 15 3/8 cents,

Mar 23 KCBT Wheat  is at $8.92 1/2, down 13 1/2 cents,

Cash HRW Wheat  is at $8.54 3/8, down 14 5/8 cents,

Mar 23 MGEX Wheat  is at $9.22 1/2, down 9 1/2 cents,