Wheat 2-4 Higher into Tuesday’s Day Session

Wheat futures are 2 to 4 cents higher, and 2 to 4 cents off the overnight highs, across the U.S. classes. Chicago wheat prices suffered 16 to 19 ¾ cent losses on Monday. That led the complex with 2.5% to 3.2% losses overall. KC wheat futures were 12 to 13 cents lower at the close. The March contract was down by over 2%. MPLS wheat futures fell 1% to 1.3% across the front months, leaving the contracts 7 to 9 ½ cents lower. 

Pre-report survey results show the trade is looking to see USDA cut projected U.S. wheat carryout slightly to 658.7 mbu at the average. Respondents’ ranges vary from 29 mbu tighter to 22 mbu looser than the Dec figure. 

The weekly Export Inspections data had 491,074 MT of wheat shipped during the week that ended 1/4. USDA broke down the export with 156k MT of white, 136k MT for spring wheat and 125k MT for HRW. China took 237 thousand MT off the PNW, none of it the highly advertised SRW purchases. The season’s total reached 10.13 MMT, compared to 12.1 MMT last season. 

Egypt’s GASC is tendering for wheat, with results expected later today. Ukraine wheat exports since July 1 have totaled 7.8 MMT, down 9% from year ago (when the official BSGI corridor was still open). 

Mar 24 CBOT Wheat  closed at $5.96 1/4, down 19 3/4 cents, currently up 2 1/2 cents

May 24 CBOT Wheat  closed at $6.09 1/4, down 18 1/4 cents, currently up 2 cents

Mar 24 KCBT Wheat  closed at $6.15 1/4, down 12 3/4 cents, currently up 4 cents

Mar 24 MGEX Wheat  closed at $7.02 1/2, down 9 1/2 cents, currently up 3 1/4 cents

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