Wheat Futures Bounce Back for Weekend

So far the wheat market is trading in the black ahead of the weekend after sharp losses earlier in the week. The Chicago market is up 6 3/4 to 9 cents at midday, with May sitting 33 cents in the red for the week. May KC wheat is down by 36 cents so far for the week, but front months are back up by 9 3/4 to 13 cents so far for the day. Spring wheat futures are bouncing 4 3/4 to 7 1/4 cents across the front months so far. 

Russian delegation will meet with two UN members in Geneva Switzerland to discuss their side of the Grain Corridors export deal on March 13. UN Secretary General was meeting with Ukraine’s president earlier this week for their side of the negotiations.

Russia’s president Putin spoke via phone with the president of Egypt El-Sisi on Thursday to discuss food and energy export opportunities, including the Black Sea Grain Corridor deal. 

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. 

Mar 23 CBOT Wheat  is at $6.62 1/4, up 8 3/4 cents,

May 23 CBOT Wheat  is at $6.73 1/4, up 7 1/2 cents,

Cash SRW Wheat  is at $6.17 1/1, up 7 1/8 cents,

May 23 KCBT Wheat  is at $7.89, up 11 3/4 cents,

Cash HRW Wheat  is at $7.52 1/2, up 11 3/4 cents,

May 23 MGEX Wheat  is at $8.20 1/4, up 2 3/4 cents,