After the turnaround Tuesday session, wheat looks to start Wednesday back in the red. Overnight the March SRW contract was down as much as 5 ¼ cents, but has firmed to just 1 ¼ cents lower Wednesday morning market activity. Wheat futures closed the session with double digit rallies for winter wheat, though 2 to 3 cent gains for HRS. SRW closed 12 ½ to 13 ¾ cents higher with gains of over 2%, leaving the March contract at a net weekly 6 cent loss. KC wheat ended with Tuesday gains of 11 to 12 cents leaving the March contract at a net 1c loss for the week. Oats Futures Prices were 4% to 5% higher on the day leading March to a 26c gain for the week’s move.
The weekly Export Inspections data had 491,074 MT of wheat shipped during the week that ended 1/4. The season’s total reached 10.13 MMT in the weekly reports. Official Census data had November wheat exports at 1.331 MMT. That was up 17% from Nov ’22, and left the Q2 export total at 155.8 mbu. That compares to 160 mbu in Q1 and 205.2 mbu during Q2 last season.
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.
Egypt’s GASC purchased 420,000 MT of wheat in their tender on Tuesday, with 360,000 MT reported from Russia and 60,000 MT Ukrainian origin.
Mar 24 CBOT Wheat closed at $6.10, up 13 3/4 cents, currently down 1 1/4 cents
May 24 CBOT Wheat closed at $6.22 1/2, up 13 1/4 cents, currently down 1 cent
Mar 24 KCBT Wheat closed at $6.27, up 11 3/4 cents, currently down 4 1/2 cents
Mar 24 MGEX Wheat closed at $7.05 1/2, up 3 cents, currently up 1/4 cent
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