Wheat Recovers to Black in AM Action

Wheat futures are off the overnight lows and even in the black for the start of Friday’s day session. Domestic wheat futures ended the Thursday session weaker. Chicago futures were down 12 3/4 to 20 cents at the bell. Kansas City Wheat closed down by 10 3/4 to 16 1/2 cents. Minneapolis wheat markets ended the session 4 1/4 to 6 1/2 cents on weaker on the day. 

Ahead of next week’s Quarterly Grain Stocks data, the trade is looking for NASS to show 1.039 bbu of wheat stocks. That comes between analysts’ estimating as low as 998 mbu and as high as 1.302 bbu. Last year, NASS had 1.311 bbu as of March 1st. All wheat acreage is expected to be 47.9m acres, with 34.4m from winter wheat and 11.8m from spring. 

USDA reported 155,654 MT of old crop wheat was sold for export in their weekly export sales report. That was within the range of estimates and was up 6% on the week. New crop sales were tallied at 367,312 MT for the week that ended 3/17. That was above pre-report estimates and left the forward book 25% above this season’s at 1.373 MMT. As for export shipments, USDA reported 366,053 MT were shipped during the week. That brought the accumulated total to 15.146 MMT as of 3/17. 

May 22 CBOT Wheat  closed at $10.85 3/4, down 20 cents, currently up 4 1/4 cents

Cash SRW Wheat  was $10.09 1/2, down 15 1/4 cents,

May 22 KCBT Wheat  closed at $10.95, down 16 1/2 cents, currently up 1/4 cents

Cash HRW Wheat  was $10.14 1/4, down 27 cents,

May 22 MGEX Wheat  closed at $10.82 3/4, down 6 1/2 cents, currently up 3/4 cents