Wheat prices are fractionally to 4 cents in the black in early Friday futures action. Wheat ended the Thursday session with losses, pushing SRW futures to double digit losses for the week to date. CBT SRW closed down by 7 to 7 ¾ cents on Thursday. That had March down by 10 ¼ cents for the week as we head into the crop reports. 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. Winter wheat plantings are expected to be down about 1 million acres from last year.
The International Grains Council (IGC) increased their world wheat production number 1 MMT to 778 MMT, but that is still below the December WASDE figure of 783 MMT.
Mar 24 CBOT Wheat closed at $6.03 3/4, down 7 cents, currently up 4 cents
May 24 CBOT Wheat closed at $6.16 3/4, down 7 cents, currently up 3 1/2 cents
Mar 24 KCBT Wheat closed at $6.16, down 8 1/2 cents, currently up 1/4 cent
Mar 24 MGEX Wheat closed at $7.00, down 7 3/4 cents, currently up 3 3/4 cents
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