Front month wheat futures are working double digits in the red so far through Monday. Chicago’s midday quotes are down by 10 ¼ to 12 ¼ cents. Front month HRW futures are also 9 to 12 cents lower. Spring wheat is trading with 10 ¾ to 12 cent losses at midday.
USDA reported 367,371 MT of wheat was exported during the week that ended 9/14. That compares to 406k MT last week and is down 56% from the same week last year. HRS and Soft white shipments were each over 109k MT, while the HRW and SRW shipments were 60k each. USDA had the season total as 5.12 MMT, compared to last year’s 7.3 MMT pace.
Wire sources have China as buyers for between 5-10 60k cargoes of French wheat for delivery Nov-Mar.
Chinese Custom’s data had 840k MT of wheat imports for August. That was up 58% from Aug ’22. The year-to-date total 53% above 2022’s pace with 9.56 MMT through August.
Dec 23 CBOT Wheat is at $5.92 1/4, down 12 cents,
Mar 24 CBOT Wheat is at $6.18 1/4, down 11 1/4 cents,
Cash SRW Wheat is at $5.04 1/2, down 10 3/8 cents,
Dec 23 KCBT Wheat is at $7.34 1/2, down 12 cents,
Cash HRW Wheat is at $6.62 1/1, down 12 1/4 cents,
Dec 23 MGEX Wheat is at $7.77 1/4, down 11 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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