Neutral Start for Friday Wheat Trade

Wheat futures are mixed on Friday morning. The overnight session saw an initial pullback to ~6c losses. Wheat ended the Thursday session with double digit gains of as much as 3.6%. CBT SRW prices were back up by 18 to 18 ¾ cents. KC HRW futures closed higher by 24 cents. HRS prices settled 14 to 19 ¾ cents higher on the day. Dec spring wheat sits at a 22c gain for the week after seeing LoC lows. Reports suggested that a vessel had hit a mine yesterday and that Russia may place mines in the Black Sea corridor lanes left by the Ukrainians for shipping. 

The Rosario Grains Exchange estimates the Argentine wheat crop at 15 MMT, but cited concerns about missing rains. 

Weekly wheat bookings were shown at 273k MT for the week that ended 9/28. That was near the low end of the expected range. USDA showed 167k MT of the weekly sale was HRS, leaving total HRS commitments at 3.43 MMT or 52% of the WASDE projection. Total commitments for all wheat was 9.44 MMT through 9/28, or 41% of the WASDE projection. 

Monthly Census data confirmed 1.454 MMT of wheat was exported in August. That was down 15% from July and was the weakest Aug total since 1971. The season’s total shipment is at 159.6 mbu, or 44 mbu behind last year’s pace. 

Dec 23 CBOT Wheat  closed at $5.78 1/4, up 18 1/4 cents, currently UNCH

Mar 24 CBOT Wheat  closed at $6.07, up 18 cents, currently down 1/2 cent

Cash SRW Wheat  was $4.95 1/1, up 18 7/8 cents,

Dec 23 KCBT Wheat  closed at $6.90 1/2, up 24 cents, currently up 3/4 cent

Cash HRW Wheat  was $6.28 1/1, up 23 7/8 cents,

Dec 23 MGEX Wheat  closed at $7.31 1/2, up 19 3/4 cents, currently up 1 3/4 cents