Friday’s wheat market is giving back the Thursday gains with midday losses of as much as 2.4%. Chicago is leading the way lower with a 14c loss in the March contract. HRW prices are down 11 ¾ to 12 ¾ cents. Front moth spring wheat futures are trading 5 to 6 ½ cents weaker so far. Preliminary OI data confirmed yesterday was mainly short covering with 6k fewer SRW futures. CME data had yesterday’s action driven by net new buying as 4.4k HRW contracts were added.
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.
Weekly Export Sales data showed 451,368 MT of wheat was sold for 23/24 delivery and 59k MT for new crop. That came in near the top end of the expected range but was still down 36% for the week and 10% under the same week last year. USDA had Mexico as the top buyer. Wheat export commitments (shipped plus outstanding) are 3% larger than year ago, and 84% of the full year WASDE estimate.
SovEcon raised their outlook for Russian wheat production by 900k MT to 92.2 MMT. That remains 600k MT below this season’s production figure.
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 $5.97 3/4, down 14 1/2 cents,
May 24 CBOT Wheat is at $6.08 1/2, down 13 1/2 cents,
Mar 24 KCBT Wheat is at $6.23 3/4, down 13 1/4 cents,
Mar 24 MGEX Wheat is at $7.02, down 7 cents,
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