Spring Wheat Being Left Behind through Midday

Wheat futures are mixed on the midday board, as the winter wheat is in plus territory. Chicago futures are up by 4 3/4 to 5 3/4 cents so far. KC wheats are trading 4 to 7 3/4 cents in the black at midday. Spring wheat prices are in the red for midday, with losses of as much as 5 1/4 cents. 

Australia’s ABARES estimated the wheat crop at 39.2 MMT, up from their 36.6 MMT prior estimate, a new record output. Russia’s IFX reported 40 MMT of grain exports for the 22/23 MYTD. Their full year forecast remains 55 - 60 MMT for all grain.

Japan’s MAFF is on the market for 80,570 MT of wheat from the U.S. and Canada via a regular tender. 

State Crop Progress data from NASS had KS wheat ratings at 17% good/ex for a Brugler500 score of 238. Last week was 245 on the Brugler500. Winter wheat was 19% headed in TX as of 3/5, 9% points ahead of the average pace. Conditions were converted to a Brugler500 score of 249, matching last week. In OK conditions were 278 on the Brugler500 index, up from 273 last week.

Weekly wheat exports were shown as 268,136 MT according to the 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. 

Mar 23 CBOT Wheat  is at $6.82 1/2, down 13 1/4 cents,

May 23 CBOT Wheat  is at $7.00 3/4, up 5 1/2 cents,

Cash SRW Wheat  is at $6.42 1/8, up 5 1/2 cents,

Mar 23 KCBT Wheat  is at $8.11, up 7 cents,

Cash HRW Wheat  is at $7.66, up 4 3/4 cents,

Mar 23 MGEX Wheat  is at $8.52, down 6 1/2 cents,