Wheat futures prices are currently 2 to 5 cents higher across the domestic classes on Friday morning. Front month wheat futures ended with gains on Thursday. The hard red classes led the way with 1.4% to 1.9% gains in KC and 0.6% to 1.1% gains in Minneapolis. Chicago futures closed 1 ¼ to 3 cents higher on Thursday, though March is still a net 10 ½ cents weaker for the week’s move. Oats Futures Prices rallied as much as 3.8% on Thursday.
Pre-report estimates show analysts are looking for US wheat bookings to come in between 150k MT and 500k MT for the week that ended 1/11. Chinese wheat imports in December were only 610k metric tonnes, down 44% from Dec-22. Total imports in 2023 at 12.1 mmt were up 21.5% YOY.
Russia’s Ag Ministry reported the new wheat export tax will be 3,946.5 rubles/MT (~$44.40/MT). That is down 5.3% from the week prior.
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 closed at $5.85 1/2, up 3 cents, currently up 3 3/4 cents
May 24 CBOT Wheat closed at $5.96 3/4, up 2 1/4 cents, currently up 3 cents
Mar 24 KCBT Wheat closed at $6.05 1/4, up 11 1/4 cents, currently up 3 1/4 cents
Mar 24 MGEX Wheat closed at $6.88, up 7 3/4 cents, currently up 4 3/4 cents
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