After seeing new lows on Wednesday, the U.S. wheat futures are back up by more than a percent so far for Thursday. Wheat futures fell by double digits and closed near their lows for the midweek session. Russian prices were collapsing, and dragging down EU values as well. CBT futures were down by 4.5% in March and by 3.6% in May. KC futures fell 2% to 2.6% across the front months with the May HRW/SRW spread now favoring KC by 25 cents. Spring wheat futures were 9 ¾ to 10 ¼ cents weaker at the bell.
Wire sources showed Algeria booked between 850k and 900k MT of milling wheat. Ukraine’s March grain shipments were already 774k MT according to Ministry data. That compared to 641k MT during last year’s pace. Feb’s total was 5.8 MMT at +11.5% vs last year.
Ahead of the WASDE report on Friday, trader expectations average to see USDA to tighten wheat stocks by 200k bushels to 657.8 million. That comes as some responses were for a cut of as much as 18 mbu and some were to see an increase of as much as 24 mbu. Global wheat carryout is expected to tighten by 1.3 MMT.
Mar 24 CBOT Wheat closed at $5.21 1/4, down 24 1/2 cents, currently up 6 3/4 cents
May 24 CBOT Wheat closed at $5.31, down 20 cents, currently up 6 3/4 cents
May 24 KCBT Wheat closed at $5.56 1/4, down 13 cents, currently up 11 1/2 cents
May 24 MGEX Wheat closed at $6.45 1/4, down 10 1/4 cents, currently up 10 3/4 cents
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