Front month wheat futures are working double digits lower in Kansas City with +1% losses across most domestic contracts. SRW is down by 8 ¼ to 9 cents. KC wheat is 10 cents lower with 1.6% losses. Spring wheat futures are trading 0.9% to 1.1% in the red with 6 to 7 ¾ cent losses.
All wheat export bookings in the week of January 4 totaled just 128,058 MT, which was the second lowest for the MY and below the 200,000 MT and 450,000 MT estimates. Sales for HRS totaled 68.7% of the all wheat book.
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.
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.
Mar 24 CBOT Wheat is at $6.03, down 7 3/4 cents,
May 24 CBOT Wheat is at $6.15 3/4, down 8 cents,
Mar 24 KCBT Wheat is at $6.14 1/2, down 10 cents,
Mar 24 MGEX Wheat is at $7.00 1/4, down 7 1/2 cents,
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