Wheat prices are fading 5 to 7 cents in the winter wheat markets this morning, while MGE prices are fractionally lower out of the weekend. Wheat futures settled higher on Friday. 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. That was above published estimates. 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.
The CFTC report on Friday afternoon showed managed money spec funds adding to their short positions in both Chicago and KC wheat futures, adding 10,587 to the former and 4,426 to the latter. Mills and other commercial longs reduced their hedge coverage in KC HRW during the week ending 1/16, while elevators bought more wheat from producers and added 5,574 short hedges during the week.
Mar 24 CBOT Wheat closed at $5.93 1/4, up 7 3/4 cents, currently down 6 cents
May 24 CBOT Wheat closed at $6.03 1/2, up 6 3/4 cents, currently down 5 3/4 cents
Mar 24 KCBT Wheat closed at $6.08, up 2 3/4 cents, currently down 6 1/2 cents
Mar 24 MGEX Wheat closed at $6.95 1/2, up 7 1/2 cents, currently down 1/2 cent
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