Wheat prices are currently near the upper end of their tight overnight range with 2c gains in the winter wheats and fractional gains for spring wheat futures. Wheat futures pulled off their highs for the close, but were mostly higher on Monday. KC futures were fractionally to a penny weaker in old crop but fractionally higher in the new crop contracts. Chicago SRW ended the day 2 ¼ to 3 ¼ cents in the black. MGE HRS prices closed out the day fractionally to 5 cents higher, with March clinging to the round number at $7. 

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. 

S&P Global is expecting US spring wheat plantings to be around 11.1 million acres in 2024, down 100,000 from last year.

 

Mar 24 CBOT Wheat  closed at $5.96 1/2, up 3 1/4 cents, currently up 2 cents

May 24 CBOT Wheat  closed at $6.06 1/2, up 3 cents, currently up 2 cents

Mar 24 KCBT Wheat  closed at $6.07, down 1 cent, currently up 2 1/2 cents

Mar 24 MGEX Wheat  closed at $7.00 1/2, up 5 cents, currently UNCH


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