Current wheat prices are more than 1% in the red for midday, led by KC HRW. Current HRW futures are 2% weaker with losses of as much as 13 ½ cents. Chicago futures are down by 9 to 10 ¾ cents. Spring wheat futures are down by 10 cents so far.
Analysts who have examined RMA data believe that US winter wheat plantings are at least 2 million acres below last year, and the drop could be as much as 3 million. USDA’s first estimate will be released as part of the January 12 data dump.
Export Sales data is anticipated to show between 200k MT and 600k MT of wheat was sold during the week that ended 12/14.
Egypt’s GASC reportedly booked 480k MT of Russian wheat via its tender, no US origin wheat was offered. The average price was $265/MT FOB for February delivery. Freight would add another $22.40/MT to that figure. Pakistan is in the market for 110k MT of wheat.
Mar 24 CBOT Wheat is at $6.12 1/4, down 10 1/2 cents,
May 24 CBOT Wheat is at $6.23 1/4, down 10 cents,
Mar 24 KCBT Wheat is at $6.27 3/4, down 13 3/4 cents,
Mar 24 MGEX Wheat is at $7.17 3/4, down 10 1/2 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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