Wheat Futures Fading Through Midday

The wheat weakness is sticking around so far into the new week, with midday across the complex. CBT SRW futures are down 3 1/2 to 9 1/2 cents. KC prices are down 12 to 14 cents so far. MGE prices are in the red with losses of 3 1/2 to 6 3/4 cents. 

Weekly wheat exports were shown as 268,136 MT according to Inspections data. Mexico was the top destination with 84k MT, followed by 68k MT to China. The accumulated wheat export was 15.582 MMT as of 3/2, compared to 15.913 MMT last season. 

Poland and Ukraine agreed to terms for Ukrainian grain shipments through Polish ports. The deal, separate from the Black Sea corridors, will go into effect 3/8. Turkey’s Foreign Minister announced Turkey is working to renew the export corridor deal.

China’s economic planner announced a goal to boost ag production by 10 MMT to 650 across all crops. 

Ahead of Wednesday’s WASDE report analysts anticipate a 5.7 mbu looser wheat carryout for the U.S. and a 2.7 mbu looser global carryout. 

A private analyst in Manitoba foresees Canadian growers switching to more spring wheat acres from oats and pulses. Ukraine’s 23/24 spring season is underway, as the Ag Ministry reported 3,500 HA of spring grains were planted. 

Mar 23 CBOT Wheat  is at $6.85 1/4, down 10 1/2 cents,

May 23 CBOT Wheat  is at $6.98 3/4, down 10 cents,

Cash SRW Wheat  is at $6.40, down 10 1/8 cents,

May 23 KCBT Wheat  is at $8.01 1/2, down 14 3/4 cents,

Cash HRW Wheat  is at $7.65 1/8, down 14 3/4 cents,

May 23 MGEX Wheat  is at $8.66 1/2, down 6 1/4 cents,