Double Digit Midday Losses in Wheat

Wheat futures are trading with double digit losses through Thursday’s midday. CBT SRW is down 13 3/4 to 16 1/4 cents so far. KC HRW prices are 15 to 16 1/2 cents in the red. MPLS spring wheat is down 8 to 9 cents at midday. 

IHS Markit estimates wheat area at 48.157m acres. Getting there, the firm matched USDA’s winter wheat area of 34.397m acres (up from 33.648m planted for 21/22), with 12.01m for spring wheat. That is up from 11.42 planted for old crop, but below IHS Markit’s prior estimate. Durum acres were estimated at 1.75 million acres. 

USDA’s weekly Export Sales report showed wheat bookings were a MY high 676,681 MT during the week that ended 1/20. That was also 77% above the same week last year. The Philippines and Japan were the top buyers for the week, each booking over 100k MT. USDA also reported 60k MT of new crop wheat sales – mostly as white wheat. Of the total 215,980 MT on the books for 22/23, 33% is SRW with 19% white, 18% HRW, and 14% HRS. That compares to old crop commitments of 39% HRW, 26% HRS, 18% white, and 15% SRW for the 17.2 MMT total. 

Mar 22 CBOT Wheat  is at $7.79, down 16 cents,

Cash SRW Wheat  is at $7.40 7/8, down 15 5/8 cents,

Mar 22 KCBT Wheat  is at $7.99 1/2, down 16 1/4 cents,

Cash HRW Wheat  is at $7.82, down 16 1/4 cents,

Mar 22 MGEX Wheat  is at $9.08 1/4, down 8 cents,