Midday wheat futures are up by 4 cents in Chicago, and trading just off the day’s highs – which had March back to +$6. KC HRW futures are up by 1 ½ to 2 cents for midday after March bumped the $6 mark at the overnight low. MGE HRS futures are back above the $7 mark with 2 to 6 ¼ cent front month gains for midday.
USDA’s weekly Export Inspections data showed 314,521 MT of wheat was exported during the week that ended 1/18. That was up from 242k MT the week prior, but was 35k MT shy of last year’s volume for the same week. The report had China as the top destination, followed by Mexico. USDA also added 31.4k MT of wheat shipments to past reports bringing the season’s total shipment to 10.7 MMT, compared to 12.78 MMT at this point last season. Friday’s FAS data had 5.9 MMT of unshipped wheat sales on the books as of 1/11.
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 $5.97 3/4, up 4 1/2 cents,
May 24 CBOT Wheat is at $6.07 3/4, up 4 1/4 cents,
Mar 24 KCBT Wheat is at $6.09 3/4, up 1 3/4 cents,
Mar 24 MGEX Wheat is at $7.01 1/4, up 5 3/4 cents,
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