Wheat Futures Mixed Ahead of Weekly Export Data

Ahead of the weekly USDA data, wheat prices are mixed, down 2 to up 5 cents. Winter wheat prices ended mostly higher yesterday, with front month SRW going home fractionally higher and HRW closing 2 to 3 cents in the black. Spring wheat traded within a 14 cent range on Wednesday, but ultimately closed (mostly) fractionally lower. September HRS was 1/4 cent in the black. 

Going into the weekly USDA Export Sales reports, the trade is looking for between 75,000 and 500,000 MT of wheat bookings for the week that ended 2/10. For new crop, ideas run less than 150k MT of sales. 

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 larger than last year. SovEcon raised their 2022 Russian wheat crop estimate by 3.6 MMT to 84.8 MMT. 

Mar 22 CBOT Wheat  closed at $7.80 1/2, up 3/4 cent, up 4 ¾ this morning

Cash SRW Wheat  was $7.44 on Wednesday, up 3/4 cent,

Mar 22 KCBT Wheat  closed at $8.08, up 2 cents, up 5 this morning

Cash HRW Wheat  was $7.90 ½ on Wednesday, up 2 1/8 cents,

Mar 22 MGEX Wheat  closed at $9.52, down 1 cent, down 2 ¼ this morning