Wheat prices are another 2 to 5 cents lower across the domestic futures in early Wednesday market action. Front month wheat futures ended the day after New Year’s 0.8% to 3.4% in the red. Chicago prices led the bear charge with 18 ½ to 21 ¼ cent losses. The HRW futures market was 10 ¾ to 13 cents lower at the close. Spring wheat futures closed with 6 ¼ to 8 ½ cent losses.
USDA’s weekly Inspections data showed 273,671 MT of wheat was shipped during the week ending 12/28. That was a 188k MT drop for the week, but compared well to just 86k MT during the same week last year. The YTD shipments total 9.64 MMT, compared to 11.9 MMT during last season.
Analyst SovEcon lowered their forecast for old crop Russian wheat exports by 200,000 MT, to 48.6 MMT. Russia’s Ag Ministry reported the 2023 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 according to the Ministry.
Mar 24 CBOT Wheat closed at $6.06 3/4, down 21 1/4 cents, currently down 5 cents
May 24 CBOT Wheat closed at $6.19 1/4, down 20 1/4 cents, currently down 4 1/4 cents
Mar 24 KCBT Wheat closed at $6.29, down 13 cents, currently down 5 3/4 cents
Mar 24 MGEX Wheat closed at $7.15, down 8 1/2 cents, currently down 2 cents
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