The wheat market is at or near the overnight highs with gains of as much as 1.4% bouncing into the weekly FAS data. The midweek wheat session closed with losses of over 2% led by KC prices. HRW fell by 21 ½ to 24 ¾ cents across the front months with losses of as much as 3.8%. Chicago wheat closed 18 ¼ to 20 ¼ cents weaker across the front months. Minneapolis futures were down by 2.1% with 15 ½ cent losses. Oats Futures Prices ended 3% in the black with 10 cent gains.
Traders expect that the week’s wheat export sales will be between 1.2 MMT and 1.6 MMT for the week that ended 12/07.
Japan is tendering for 102.5k MT of wheat from the U.S. and Canada. Pakistan is on the market for 110k MT of wheat via tender. Jordan issued an international tender for 120k MT of wheat. Reports show Tunisia booked 100k MT of soft wheat and 75k MT of durum via tender. Algeria also reportedly booked +900k MT via tender.
The French Agriculture Ministry reported that farmers planted ~5% less winter wheat this go around, with 4.5m HA. That is also ~5% under the 5-yr average.
Argus, a private analytics firm, projects the Ukrainian wheat crop at 20.2 MMT which would be a 9% decrease on the year – via a 7.5% loss in projected yields. Ukraine’s Ag Ministry reported the season’s grain export pace at 14.7 MMT, including 6.3 MMT of wheat. Last year saw nearly 20 MMT of grain shipments at this point, with 7.4 MMT of wheat.
Russia is a small producer of durum wheat and is restricting exports for that class between now and June. This is presumably because exports through mid-November were over 650,000 MT compared to only about 52,000 MT a year ago.
Mar 24 CBOT Wheat closed at $6.05 1/4, down 20 1/4 cents, currently up 9 cents
May 24 CBOT Wheat closed at $6.16 1/2, down 19 cents, currently up 8 3/4 cents
Cash SRW Wheat was $4.75 5/8, up 11 5/8 cents,
Mar 24 KCBT Wheat closed at $6.32, down 24 3/4 cents, currently up 6 1/4 cents
Cash HRW Wheat was $5.47 3/8, up 5 1/4 cents,
Mar 24 MGEX Wheat closed at $7.13 1/2, down 16 cents, currently up 7 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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