Wheat Prices Red for Midday

Front month wheat futures are mostly weaker for midday. CBT SRW futures are fractionally mixed to 2 1/2 cents weaker. KC HRW prices are trading 4 3/4 to 9 cents red. HRS futures are trading 6 to 10 cents weaker. 

IGC expects wheat production to reach 781 MMT for the 21/22 MY. That was up 4 MMT. Carryout stocks were 2 MMT higher at 276 in their Jan estimate. 

The Ukraine’s Ag Ministry publicly mentioned they have no intentions of restricting wheat exports later this year. Russia’s Ag Ministry reported next week’s export tax will be $97.50/MT, which is lower than $98.20/MT last week. 

Wheat bookings were reported at 264,435 MT for the week that ended 11/6. That was up from last week’s low 48k MT and was 19% above the same week last year. Ahead of the report analysts were looking for between 150k and 400k MT. Wheat shipments from the weekly FAS release were 258,415 MT. That was 22.5% higher wk/wk but down 28% from the same week last year. Accumulated wheat shipments are 50% of the revised USDA forecast, while total wheat commitments are at 72%. 

Mar 22 CBOT Wheat  is at $7.44 1/4, down 2 1/2 cents,

Cash SRW Wheat  is at $7.03 1/1, down 2 1/2 cents,

Mar 22 KCBT Wheat  is at $7.51 1/4, down 8 1/2 cents,

Cash HRW Wheat  is at $7.33 1/2, down 8 1/2 cents,

Mar 22 MGEX Wheat  is at $8.90, down 5 1/2 cents,