Wheat Futures Mixed at Midday

Wednesday wheat futures are trading mixed following the Tuesday pullback. CBT SRW is fractionally to a penny higher at midday. KC HRW wheat is up by 3/4 to 2 1/2 cents so far. Spring wheat futures are down so far, with a 3 cent loss in the March for the midday quote. 

The European Commission reported EU’s wheat shipments were up 2.4% yr/yr through Feb 13, with 17.3 MMT shipped. Their top destinations were Algeria, China, and Egypt. FranceAgriMer reported their export estimate for 21/22 wheat at 8.9 MMT for French wheat leaving the EU. That was down 200k MT from their prior estimate. French ending stocks were figured 70k MT lighter, offset by an increased feed use, at 3.58 MMT. 

The Ukrainian Ag Ministry reported winter 22 plantings for the 22/23 wheat crop at 6.5m HA. That  is up 4m HA from their old crop planted last season. SovEcon raised their 2022 Russian wheat crop estimate by 3.6 MMT to 84.8 MMT. 

Japan is looking for 54,692 MT of US specific wheat in the weekly MOA tender.

Mar 22 CBOT Wheat  is at $7.79 1/2, down 1/4 cent,

Cash SRW Wheat  is at $7.43, down 1/4 cent,

Mar 22 KCBT Wheat  is at $8.06 1/4, up 1/4 cent,

Cash HRW Wheat  is at $7.88 3/4, up 1/4 cent,

Mar 22 MGEX Wheat  is at $9.48 1/4, down 4 3/4 cents,