Wheat prices are trading at or near the overnight lows with 4 to 6 cent losses in the winter wheats and 1 to 3 cent losses in MPLS futures. March SRW is sitting 11c in the red for the week’s move into Thursday’s market activity. Wheat futures finished the midweek session with losses of over 1% across the domestic markets. Chicago closed near the lows for the day with 10 to 1 ¼ cent losses. KC wheat was down by 7 ¾ to 8 ¾ cents at the bell. Front month MGE wheat futures settled 6 ½ to 7 ½ cents lower on Wednesday.
Old crop wheat sales during the week that ended 1/25 are estimated between 275k MT and 600k MT. New crop export bookings are expected to be below 75k MT in the weekly update.
The Buenos Aires Grains Exchange reported Argentina’s 23/24 wheat harvest finished with 15.1 MMT. That was 3 MMT below the forecasts at the start of the season but was a 24% recovery from the 22/23 drought afflicted crop.
USDA’s Ag Attache raised the projected 23/24 wheat export to 17.7 MMT for Ukraine. That’s a 3% increase from 22/23 and stands 26% above the January WAOB figure - citing a large export program for the month of December and increased export capacity via both the Danube river and via Romanian ports.
Mar 24 CBOT Wheat closed at $5.95 1/4, down 10 1/4 cents, currently down 5 3/4 cents
May 24 CBOT Wheat closed at $6.05 1/4, down 10 1/4 cents, currently down 5 3/4 cents
Mar 24 KCBT Wheat closed at $6.22, down 8 3/4 cents, currently down 4 3/4 cents
Mar 24 MGEX Wheat closed at $6.92 1/4, down 7 1/2 cents, currently down 1 3/4 cents
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