The KC wheat market ended the session with fractional to 1 ½ cent losses, but SRW and HRS futures ended the day in the black. The Chicago market closed up by as much as 6 ¼ cents with March 14 ½ cents off the day’s low. MGE futures ended the day 3 to 3 ¾ cents higher, though March HRS stayed under the $7 mark.
USDA’s weekly Export Sales report had 322k MT of wheat bookings for the week that ended 1/25. That was a 29% decrease from the week prior, but came in as expected. Wheat commitments were up to 620.04 mbu, which remains 4.4% ahead of last year’s pace – though shipments trail by 9.6%. New crop bookings were marked as 15.5k MT for the week, also within the range of estimates.
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 $6.01 1/2, up 6 1/4 cents,
May 24 CBOT Wheat closed at $6.09 1/2, up 4 1/4 cents,
Mar 24 KCBT Wheat closed at $6.20 3/4, down 1 1/4 cents,
Mar 24 MGEX Wheat closed at $6.96, up 3 3/4 cents,
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