Wheat Fading into Thursday

Wheat prices are trading off their overnight highs, as futures started higher initially overnight before walking back lower. The hard reds are still holding on to the initial gains. The winter wheat markets in KC and Chicago were down the most on Wednesday with greater than 1% losses across the front months. Old crop SRW futures gave back more than 2% on the day with 16 cent losses. KC futures closed 5-6 cents off their daily lows, but were still down by 9 1/4 to 12 1/4 cents at the bell. Spring wheat prices fared better on the day with losses limited to 0.7% at the close. 

Weekly wheat Export Sales are estimated to be between 150,000 MT and 450,000 MT from the week that ended 2/09. Those surveyed aren’t looking for more than 50k MT of new crop business from the same week. 

USDA’s Ag Attaché estimates the India wheat crop at 100 MMT. China is set to auction 140k MT of wheat from state reserves on 2/22. 

The French Ag Ministry estimates 23/24 winter grain area at 6.76m HA vs. 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  closed at $7.69 1/4, down 16 3/4 cents, currently down 4 1/2 cents

May 23 CBOT Wheat  closed at $7.80 1/4, down 16 1/2 cents, currently down 4 1/4 cents

Cash SRW Wheat  was $7.10 5/8, down 16 5/8 cents,

Mar 23 KCBT Wheat  closed at $8.94 1/2, down 11 1/2 cents, currently up 1 1/2 cents

Cash HRW Wheat  was $8.55 1/1, down 14 cents,

Mar 23 MGEX Wheat  closed at $9.24 3/4, down 7 1/4 cents, currently up 5 1/4 cents