Wheat Futures Off Overnight Lows into Friday

The market will be closed on Monday for President’s Day; front month wheat futures are off their lows with fractional gains so far in the last session before the 3-day weekend. Yesterday, Chicago SRW closed lower by 3 1/4 to 4 1/2 cents on Thursday. KC HRW and MGE HRS prices went home higher with 4 to 4 3/4 and 3 3/4 to 6 1/2 cent gains across their front months respectively. The full day’s range was 9 1/4 cents in the March SRW contract. 

USDA’s ERS released their 10-yr projections for wheat S&Ds. They see annual exports gradually working higher towards 950 mbu, with stocks working gradually higher to 755 mbu by 2032/33. For 23/24, they have acreage at 47.5m, including the 36.95m winter wheat acres, producing 1.92 bbu. 

USDA’s weekly Export Sales report had 209,847 MT of wheat bookings from the week that ended 2/9. HRS and white wheat had the most activity with 35% of the sales each, followed by SRW with 20% and HRW with 10%. Accumulated export shipments were 12.96 MMT, or 476.3 mbu as 61% of the WASDE forecast. Total commitments were at 78% of the forecast as of 2/9. 

The IGC released their Feb world wheat figures, with a slightly higher trade and slightly looser carryout. Trade was upped by 2.5 MMT, mainly to Russia, and stocks were 1.1 MMT looser mainly in the EU, to 281.7 MMT. 

Mar 23 CBOT Wheat  closed at $7.65, down 4 1/4 cents, currently up 1/4 cent

May 23 CBOT Wheat  closed at $7.76 1/4, down 4 cents, currently up 1/2 cent

Cash SRW Wheat  was $7.05 3/8, down 4 1/8 cents,

Mar 23 KCBT Wheat  closed at $8.98 1/2, up 4 cents, currently up 2 3/4 cents

Cash HRW Wheat  was $8.59, up 4 1/8 cents,

Mar 23 MGEX Wheat  closed at $9.30 1/4, up 5 1/2 cents, currently down 1/4 cents