Wheat Futures Hammered Again

Nearby wheat futures are trading with double digit losses through Thursday’s midday. CBT SRW is down by 14 1/4 to 16 3/4 cents so far. KC HRW is down by 17 to 18 cents at midday. The spring wheat market is 5 to 12 cents in the red across the front months. Oats Futures Prices  are fractionally to 1 1/2 cents higher so far.

Weekly wheat export bookings were 266,685 MT for the week that ended 3/2 (trade estimates 150-500,000 MT). That was down 7% from the week prior and was 13% lower than the same week last season. USDA had 377k MT shipped for a full year total of 14.288 MMT as of 3/2. The monthly Census data had already confirmed 14.227 MMT were shipped officially through January, so the Export Sales number is light. January monthly wheat exports were confirmed at 1.777 MMT. That was a 3% increase from January 2022, but the YTD 14.227 MMT (522.7 mbu) trails last year’s 14.697 MMT pace. 

USDA made no changes to wheat’s domestic balance sheet. Globally, they raised production by 5.14 MMT with 1 for Australia (to 39 MMT), 1 to India (to 104), and 2.4 MMT to Kazakhstan (16.4). Wheat stocks fell by 2 MMT to 267.2 MMT as USDA back adjusted carry-in and global domestic use was higher. 

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. 

Mar 23 CBOT Wheat  is at $6.74 1/2, down 10 1/4 cents,

May 23 CBOT Wheat  is at $6.71, down 16 1/2 cents,

Cash SRW Wheat  is at $6.16 7/8, down 15 3/4 cents,

May 23 KCBT Wheat  is at $7.82 1/4, down 18 cents,

Cash HRW Wheat  is at $7.46 3/4, down 18 cents,

May 23 MGEX Wheat  is at $8.25 1/2, down 13 cents,