Front month wheat futures are trading mixed so far. Chicago prices are 3 1/2 to 6 1/4 cents higher at midday, while HRW is down by as much as a dime so far. Spring wheat quotes are mixed at midday within 2 cents of UNCH.
Analysts anticipate the FAS data on Friday will show between 150k MT and 500k MT of wheat was sold for export in the week ending Feb 16.
The USDA Ag Outlook Forum, showed US wheat production is forecasted at 1.887 bbu, which offset the tighter carry-in for a total 2023/24 supply of 2.575 bbu. Usage was marked at 1.967 bbu, with 977 mbu for food and 825 mbu for exports. The ending stocks were marked at 608 mbu for 23/24, slightly tighter than the 650 mbu trade average guess.
Egypt’s tender for April 1-15 shipment was filled by 240,000 MT of Russian wheat. Turkey is tendering for 790k MT of milling wheat.
Mar 23 CBOT Wheat is at $7.42, up 5 1/2 cents,
May 23 CBOT Wheat is at $7.56, up 6 cents,
Cash SRW Wheat is at $6.83 7/8, up 5 1/2 cents,
Mar 23 KCBT Wheat is at $8.66, down 10 cents,
Cash HRW Wheat is at $8.27 1/8, down 10 cents,
Mar 23 MGEX Wheat is at $9.15, up 3/4 cent,
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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