CBT Wheat Stronger to Hard Red Wheat Weakness

The current SRW futures are trading 3 ½ to 5 ¼ cents in the black through Thursday’s midday. Current HRW futures are fractionally to 2 ¼ cents weaker, save for the 1 ¼ cent gain in the March contract. HRS futures are trading fractionally 2 ½ cents in the red. 

Export Sales data showed 322,702 MT of wheat was sold during the week that ended 12/14. That was a drop off from the Chinese business the week prior, and was down 3.5% from the same week last year. Estimates were to see between 200k MT and 600k MT. Total wheat commitments sit at 14.53 MMT (546 mbu), which is 2.9% ahead of last year’s pace and 75% of the WASDE forecast. By class, HRW commitments sit at 64% of their forecasted export total, SRW @ 89%, HRS @ 77%, white @ 71%, and the 13.3 mbu of durum commitments are 53% of the 25 mbu forecast.  

Pakistan issued an international tender for 110k MT. Thailand is tendering for 193k MT of feed wheat. 

Strategie Grains estimated 24/25 wheat production at 124.8 MMT. Argus Media projects French 2024 soft wheat acreage will drop 11% (530,00 HA) to 4.24 million HA (10.47 million ac) due to poor fall planting weather. That would be their smallest acreage since 2000.

Mar 24 CBOT Wheat  is at $6.14 1/2, up 4 1/2 cents,

May 24 CBOT Wheat  is at $6.25 3/4, up 4 1/2 cents,

Mar 24 KCBT Wheat  is at $6.26 3/4, up 1 3/4 cents,

Mar 24 MGEX Wheat  is at $7.16 1/2, down 1 1/2 cents,