Wheat Fractionally to 3c Higher for Friday

Wheat futures are fractionally higher in Chicago and 2 ¼ to 3 ¾ cents higher in the KC and MGE markets as they head into the final trading day of 2023. Chicago wheat prices ended the Thursday session with 7 ¾ to 8 ½ cent gains with March only a nickel off the daily high. KC wheat futures were 5 ½ to 8 ¾ cents higher on the day. Spring wheat futures were the laggard of the domestic classes, only closing 3 ¼ to 3 ¾ cents in the black. 

Front month Oats Futures Prices  were 3.9% higher on Thursday.

Pre-report estimates for wheat export bookings range from 200,000 MT to 600,000 MT for the week that ended 12/21. Traders are also looking for the FAS to report up to 75k MT of new crop sales for the week. 

Russia’s SovEcon lowered their forecast for old crop wheat exports by 200k MT citing risk premium via Red Sea and Suez Canal trade routes, the figure is now estimated at 48.6 MMT. Russia’s Ag Ministry reported the 2024 grain crop was 142.6 MMT, a 9.5% decrease from last season’s all-time record. Of that, Russia’s wheat crop totaled 92.77 MMT. 

Egypt’s GASC canceled their international wheat tender after making no purchases. 

Mar 24 CBOT Wheat  closed at $6.31 1/2, up 8 1/2 cents, currently up 1 cent

May 24 CBOT Wheat  closed at $6.42 1/4, up 8 1/2 cents, currently up 3/4 cent

Mar 24 KCBT Wheat  closed at $6.43 3/4, up 8 3/4 cents, currently up 3 1/2 cents

Mar 24 MGEX Wheat  closed at $7.25 1/2, up 3 3/4 cents, currently up 2 3/4 cents

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.