Mixed Close for Wheat Market

CBT SRW futures ended the Thursday session down by 6 1/2 to 7 1/2 cents. MGE spring wheat prices were 1 1/2 to 4 cents lower on the day. KC was the outlier with 2 to 3 cent gains on Thursday. 

Ahead of Tuesday’s WASDE report, survey respondents are looking for USDA to raise the U.S. wheat stocks by 8.5 mbu to 576.5 million. Global wheat carryout is estimated at 267 MMT on average, little change from March. 

The weekly Export Sales report showed 193,645 MT of wheat was sold for the week that ended 3/30. That was up 28% from the previous week and was 24% higher than the same week last year. Sales were mid-range of pre-report estimates. USDA marked China as the top buyer, though 65k MT of their 69.3k purchase was previously marked as unknown destinations. Egypt also received 50k MT switched from a previously unknown buyer. Old crop HRW commitments reached 180.92 mbu as of 3/30. SRW had 103.8 mbu of accumulated commitments. HRS leads the way with 201.555 mbu of the 666.6 mbu total commitment.  

Monthly census data showed 68.77 mbu of wheat exports for Feb. That was a 5% boost from January’s export and was 1% higher than Feb ’22. The full season’s total remains 2.7% behind last year’s pace with 591.5 mbu shipped. 

Egypt is on the market for wheat, with offers due April 6th for delivery May 10-31. 

May 23 CBOT Wheat  closed at $6.75 1/2, down 6 1/2 cents,

Jul 23 CBOT Wheat  closed at $6.88, down 6 3/4 cents,

Cash SRW Wheat  was $6.18 3/8, down 6 5/8 cents,

May 23 KCBT Wheat  closed at $8.64 1/2, up 3 cents,

Cash HRW Wheat  was $8.18, down 3 3/8 cents,

May 23 MGEX Wheat  closed at $8.72, down 1 1/2 cents,