Double Digit Gains for Wheat

Wheat markets are back up for the last trading day of the week following sharp drops Wednesday and Thursday. SRW is back up by 9 1/4 to 10 3/4 cents. KC is trading 10 1/2 to 12 1/4 cents in the black. MPLS wheat is gaining 14 1/2 to 18 cents so far for the front months. 

IHS Markit estimates 2022 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 last year, 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. Old crop commitments were 39% HRW, 26% HRS, 18% white, and 15% SRW for the 17.2 MMT total. 

Egypt’s GASC issued an international wheat tender with results expected tomorrow. 

Mar 22 CBOT Wheat  is at $7.88 3/4, up 11 3/4 cents,

Cash SRW Wheat  is at $7.49 1/2, up 11 3/4 cents,

Mar 22 KCBT Wheat  is at $8.05 3/4, up 12 1/4 cents,

Cash HRW Wheat  is at $7.88 3/8, up 12 1/4 cents,

Mar 22 MGEX Wheat  is at $9.21 1/4, up 18 3/4 cents,