Wheat futures were stronger on the last trade day of the week. Chicago closed up by 5 ¾ to 7 ¾ cents. KC HRW was 2 ¾ to 3 ¼ cents firmer for the day, while MGE prices were up by 0.7% to 1.1%. The week’s trade finished with CBT SRW 2 ¾ cents lower, KC HRW 7 ¼ cents weaker and MGE HRS 4 cents in the red after contract lows for each class.
Weekly Export Sales data showed wheat booking in the week of 1/11 booming to the second highest this MT at 707,600 MT. Pre-report estimates were looking for US wheat bookings to come in between 150k MT and 500k MT. Sales were spread out with three destinations (Philippines, unknown, and South Korea) all over 100,000 MT. 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.
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 $5.93 1/4, up 7 3/4 cents,
May 24 CBOT Wheat closed at $6.03 1/2, up 6 3/4 cents,
Mar 24 KCBT Wheat closed at $6.08, up 2 3/4 cents,
Mar 24 MGEX Wheat closed at $6.95 1/2, up 7 1/2 cents,
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