Chicago wheat futures are trading fractionally to a 1 ½ cents higher so far for Thursday while the hard red futures are rallying. Futures are up by 1.3% to 1.9% in KC, with March at the high for the day. Futures are up by as much as 1.5% in Minneapolis, as March is also at the high for the day. Front month Oats Futures Prices are also up by 2.7% to 3.6% through Thursday.
Pre-report estimates show analysts are looking for wheat bookings to come in between 150k MT and 500k MT for the week that ended 1/11. The report is delayed until Friday AM in recognition of MLK jr Day.
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’s GASC bought 360,000 MT in their tender, including at least one French cargo. Japan booked 87,641 MT of wheat via a regular tender, with 62,121 MT U.S. specific.
Private Analyst StoneX estimated the Brazilian wheat crop at 8.25 MMT, a 4% reduction from their prior figure. StoneX also raised their expected Brazilian wheat imports to 7.05 MMT.
Mar 24 CBOT Wheat is at $5.83 1/2, up 1 cent,
May 24 CBOT Wheat is at $5.95, up 1/2 cent,
Mar 24 KCBT Wheat is at $6.04 1/2, up 10 1/2 cents,
Mar 24 MGEX Wheat is at $6.90 1/2, up 10 1/4 cents,
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