Front month wheat futures were mostly higher as the market firmed through the afternoon. Kansas City futures remained a penny to 2 ½ cents lower at the close. Chicago futures ended the day up by ¾ to 1 ¾ cents. Spring wheat futures were 2 ¼ to 2 ½ cents stronger at the close.
Analysts are expecting NASS to report between 1.272 bbu and 1.466 bbu of wheat stocks found on Dec 1. The average trade guess for 1.391 bbu would be up 79.6 mbu (6%) from last year on a 69 mbu (3%) larger supply.
Weekly Export Sales are expected to show between 200,00 MT and 450,000 MT of wheat sales for the week that ended 1/4.
The European Commission reported 15.8 MMT of wheat had been shipped to destinations outside of the EU this season through Jan 7. That is down 11% from last year’s 17.8 MMT pace.
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. Japan issued a regular tender for 89,260 MT of wheat sourced via U.S. and Canada. Jordan allegedly passed on offers for their 120k MT wheat tender.
Mar 24 CBOT Wheat closed at $6.10 3/4, up 3/4 cent,
May 24 CBOT Wheat closed at $6.23 3/4, up 1 1/4 cents,
Mar 24 KCBT Wheat closed at $6.24 1/2, down 2 1/2 cents,
Mar 24 MGEX Wheat closed at $7.07 3/4, up 2 1/4 cents,
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