KC Wheat Rallying through Midday

Midday wheat futures are trading in the black led by the HRW market. KC futures are up by as much as 1.7% in the old crop and 4 to 5 cents higher in the new crop contracts. Chicago wheat is fractionally to 1 ¼ cents higher so far. Spring wheat futures are working fractionally to 2 cents in the black, and holding at the $7 mark. 

Canada’s Agriculture and Agri-Food agency released their preliminary assumptions for 24/25 grains. Wheat area is projected at 10.73m HA vs the 10.94m HA last year. Wheat yield is expected to recover 8% with net output at 4.2% higher to 33.3 MMT. 

USDA’s weekly Export Inspections data showed 314,521 MT of wheat was exported during the week that ended 1/18. That was up from 242k MT the week prior, but was 35k MT shy of last year’s volume for the same week. The report had China as the top destination, followed by Mexico. USDA also added 31.4k MT of wheat shipments to past reports bringing the season’s total shipment to 10.7 MMT, compared to 12.78 MMT at this point last season. Friday’s FAS data had 5.9 MMT of unshipped wheat sales on the books as of 1/11. 

S&P Global is expecting US spring wheat plantings to be around 11.1 million acres in 2024, down 100,000 from last year.

Mar 24 CBOT Wheat  is at $5.97 1/4, up 3/4 cent,

May 24 CBOT Wheat  is at $6.07 1/2, up 1 cent,

Mar 24 KCBT Wheat  is at $6.18, up 11 cents,

Mar 24 MGEX Wheat  is at $7.02 1/2, up 2 cents,