Wheat futures ended the Thursday session with losses pushing SRW futures to double digit losses for the week. CBT SRW closed down by 7 to 7 ¾ cents on the day on Thursday. That left March down by 10 ¼ cents for the week. KC HRW futures ended the day with 7 ¾ to 8 ½ cent losses, which left the March contract at a net weekly drop of 10 ½ cents. The MGE spring wheat futures market closed 7 ½ to 7 ¾ cents weaker on Thursday.
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 closed at $6.03 3/4, down 7 cents,
May 24 CBOT Wheat closed at $6.16 3/4, down 7 cents,
Mar 24 KCBT Wheat closed at $6.16, down 8 1/2 cents,
Mar 24 MGEX Wheat closed at $7.00, down 7 3/4 cents,
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