Front month wheat futures are mixed across the domestic classes, as the CBoT futures are down by 4 cents and the MGE futures are 1 to 1 ½ cents lower. KC wheat is recovering some premium with fractional to 2 cent gains at midday.
The week’s Export Sales report showed 276,406 MT of wheat was booked during the week that ended 12/21. That was 15% lower for the week and was at the low end of expectations. USDA listed Mexico as the top buyer for the week.
Front month Oats Futures Prices were 3.9% higher on Thursday.
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 $6.26 3/4, down 4 3/4 cents, |
| May 24 CBOT Wheat | closed at $6.38, down 4 1/4 cents, |
| Mar 24 KCBT Wheat | closed at $6.44 1/2, up 3/4 cent, |
| Mar 24 MGEX Wheat | closed at $7.25 1/4, down 1/4 cent, |
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