Another export announcement has futures extending their recovery. SRW is leading the way with 7 cent gains. HRW futures are up by 3 ½ to 4 cents. Spring wheat futures are trading 1 ¼ cents in the black.
USDA reported another 198k MT SRW sale this morning, to China for 23/24 delivery.
Ukraine reported that 7 MMT of cargo has been shipped via the Odesa port since August 8th, when the Navy initiated their own export corridor. Of that, 5 MMT was listed as grain. The port has also welcomed 226 ships safely during the same time.
The weekly Export Inspections report had 187,955 MT of wheat shipments for the week ending 11/30. That compared to 288k MT last week and 342k MT from the same week last year. USDA had the season total at 8.324 MMT as of 11/30, down from 10.917 MMT last year.
ABARES raised their wheat crop by 100k MT to 25.5 MMT citing recent rains but raising concerns regarding late season quality degradation.
USDA’s monthly S&D reports on Friday are expected to show the wheat carryout 100k bushels looser to 684.1 mbu, basically a rounding error vs. unchanged. The global situation is expected to loosen by 200k MT on average.
Egypt’s GASC is tendering for wheat to import, with results expected later today.
Dec 23 CBOT Wheat is at $6.06 1/4, up 10 1/2 cents,
Mar 24 CBOT Wheat is at $6.27 1/4, up 6 3/4 cents,
Cash SRW Wheat is at $4.75 5/8, up 11 5/8 cents,
Mar 24 KCBT Wheat is at $6.61, up 3 1/4 cents,
Cash HRW Wheat is at $5.47 3/8, up 5 1/4 cents,
Mar 24 MGEX Wheat is at $7.37 1/2, up 1 1/4 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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