Chicago futures are 2 cents off their highs for the midday print but still 10 to 12 ½ cents in the black. KC futures are trading with midday gains of as much as 7 ½ cents. Spring wheat futures are up 5 ¼ to 5 ¾ cents across the front months 

Minneapolis Grains Exchange reported HRS wheat stocks were 15.473 mbu in warehouses. That is 302k bushels tighter for the week and 5.3% below the same time last year. 

Pre-report estimates for the weekly Export Sales report range between 200k MT and 625k MT. 

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). 

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. 

Iraq’s Trade Ministry expects wheat output will exceed 6+ MMT for 2024. That would be up from 5.2 MMT last year. 

EU wheat exports were shown at 17.4 MMT for the season through 1/19. That trails last year’s pace by 7.6%. 

Mar 24 CBOT Wheat  is at $6.09, up 12 1/2 cents,

May 24 CBOT Wheat  is at $6.18 3/4, up 12 cents,

Mar 24 KCBT Wheat  is at $6.24 1/2, up 7 cents,

Mar 24 MGEX Wheat  is at $7.04 3/4, up 5 3/4 cents,


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