The Wednesday wheat session is mixed at midday as SRW futures work within 2c off UNCH. KC wheat futures are down by 2 ¾ to 3 ½ cents so far. MGE prices are more decisively red with the board 1% in the red.
US all wheat export shipments during the week ending January 11 were shown at just 234,205 MT. That was a decline of more than half vs. the previous week and was 38.1% below the same week last year. Accumulated shipments as measured by USDA/FGIS are still behind last year’s pace, with 10.38 MMT shipped over half way through the MY, compared to 12.43 MMT last year.
The European Commission reported wheat shipments reached 16.88 MMT for the MY through Jan 14. That is 7.1% behind last year’s pace, though data for Italy was incomplete for the total. FranceAgriMer expects French wheat shipments to total 17 MMT, a 200k MT trim from their prior forecast.
Russia’s Ag Ministry reported the wheat export tax at 3,946.5 rubles/MT (~$44.40/MT). That is down 5.3% from the week prior.
Egypt is back in the market, with a GASC tender for March delivery. Results are expected later today. Trade talk has Algeria buying 500-600,000 MT from several origins for April. Japan is seeking 88,000 MT of US or Canadian wheat in their weekly tender.
Mar 24 CBOT Wheat is at $5.86, up 4 cents,
May 24 CBOT Wheat is at $5.97 3/4, up 1 3/4 cents,
Mar 24 KCBT Wheat is at $5.99, down 2 1/2 cents,
Mar 24 MGEX Wheat is at $6.84 3/4, down 6 cents,
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