Thursday’s wheat market is working through midday with 0.8% to 1.7% gains. Chicago futures are trading 8 ¾ to 9 ¾ cents so far. KC HRW futures are up 5 to 10 ¾ cents so far. The spring wheat market is 6 ½ cents higher so far.
The FAS data had 622,803 MT of wheat sales during the week that ended 11/23. That was a 6-wk high led by sales to China and Unknown. By class, the report showed 186k MT for SRW, 164.7k MT of HRW, 120k MT HRS, 135k MT white, and 18k MT of durum. USDA also had 340k MT of wheat shipped for the week, bringing the total export to 7.9 MMT. Total commitments were up to 466.2 mbu.
IKAR estimates the 24/25 Russian wheat crop at 92 MMT, with a 48 MMT export potential. SovEcon lowered their 24/25 wheat output projection by 1.7 MMT to 89.8 MMT citing declining conditions and lower farm margins.
Eastern Australia has been pummeled by rain, hurting quality on the portion of the crop not yet harvested. Some estimates have 500,000 to 1 MMT likely to grade as feed quality. The rains are expected to be beneficial for cotton and sorghum, however.
Dec 23 CBOT Wheat is at $5.65 3/4, up 9 3/4 cents,
Mar 24 CBOT Wheat is at $5.94 1/2, up 8 3/4 cents,
Cash SRW Wheat is at $4.75 5/8, up 11 5/8 cents,
Mar 24 KCBT Wheat is at $6.45 1/4, up 11 cents,
Cash HRW Wheat is at $5.47 3/8, up 5 1/4 cents,
Mar 24 MGEX Wheat is at $7.30 1/4, up 5 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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