The U.S. domestic wheat futures are all trading a fractionally to a nickel higher early on Wednesday. KC wheat closed with 1.4% to 1.7% gains on Tuesday. Chicago was fractionally higher, though March was below the $6 mark. MGE futures were mostly lower but losses were held to 1 ½ cents.
Canada’s Agriculture and Agri-Food agency released their preliminary assumptions for 24/25 grains. Wheat area is projected at 10.73m HA vs the 10.94m HA last year. Wheat yield is expected to recover 8% with net output 4.2% higher to 33.3 MMT.
S&P Global is expecting US spring wheat plantings to be around 11.1 million acres in 2024, down 100,000 from last year. A Farm Futures survey found only 9.055 million acres for spring intentions, but their winter wheat number was far above USDA’s January figure (37.26 million vs. 34.425 million).
EU wheat imports since the beginning of their marketing year in July are 17.6 MMT, down 7.6% from year ago at the same time. Their soy imports are up 4%, but corn imports are down 42% Y/Y.
Mar 24 CBOT Wheat closed at $5.96 1/2, unch, currently up 5 1/4 cents
May 24 CBOT Wheat closed at $6.06 3/4, up 1/4 cent, currently up 5 cents
Mar 24 KCBT Wheat closed at $6.17 1/2, up 10 1/2 cents, currently up 4 1/2 cents
Mar 24 MGEX Wheat closed at $6.99, down 1 1/2 cents, currently up 1 3/4 cents
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