Wheat Futures Weaken on Thursday

Domestic wheat futures continued to slide through Thursday. Chicago gave back another 2 3/4 to 3 1/4 cents on the day. HRW futures were mixed at the close as old crop ended fractionally lower and new crop was fractionally higher. Spring wheat futures were down 4 1/4 to 7 1/4 cents on the day. 

Weekly wheat export sales were a 5-week low of 57,459 MT. That was the 3rd week of the season with less than 100k MT sold. Outstanding sales sit at 4.82 MMT, which is the lightest book for week 35 since 2015/16. New crop forward sales were reported at 103,500 MT – led by Philippines, Mexico, and unknown. USDA’s weekly report had 383,560 MT of wheat shipped during the week of 1/27. Accumulated shipments reached 12.443 MMT. 

Japan’s MOA bought 53,957 MT of wheat, split 26.8k from Canada and 27.15k from Australia. UN’s Food and Agriculture Organization forecasts a moderate increase for global 22/23 wheat area – citing negligible changes in E.U. and China, with bumps to Russia, U.S., Ukraine, India, and Pakistan. The UN FAO has wheat stocks figured at 288 MMT, though mentioned tightness for the Major Exporters. 

The trade average guess ahead of USDA’s monthly WASDE report is to see USDA raise wheat ending stocks by 5.8 mbu to 633.8 mbu. Global wheat stocks are expected to be 300k MT higher to 2280.3 MMT on average. 

Mar 22 CBOT Wheat  closed at $7.51 3/4, down 3 1/4 cents,

Cash SRW Wheat  was $7.12 1/4, down 2 5/8 cents,

Mar 22 KCBT Wheat  closed at $7.69, down 1/2 cent,

Cash HRW Wheat  was $7.50 5/8, down 2 5/8 cents,

Mar 22 MGEX Wheat  closed at $9.00 3/4, down 7 1/4 cents,