Early on Friday morning, the US wheat futures are trading 5 to 11 cents higher across all three classes. The KC wheat market ended yesterday with fractional to 1 ½ cent losses, but SRW and HRS futures ended Thursday in positive territory. 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 “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%.
Wire services are collecting trade estimates for next week’s USDA reports (Feb 8). Some are anticipating a 1.5 to 2 MMT increase in the Australian crop due to better than expected rains despite the El Nino weather pattern. Some are also cutting their EU wheat estimates. French Milling Wheat Futures posted a hook reversal higher on Thursday, encouraged by exporter inquiries that have been scarce since December.
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.
Mar 24 CBOT Wheat closed at $6.01 1/2, up 6 1/4 cents, currently up 6 3/4 cents
May 24 CBOT Wheat closed at $6.09 1/2, up 4 1/4 cents, currently up 6 1/4 cents
Mar 24 KCBT Wheat closed at $6.20 3/4, down 1 1/4 cents, currently up 10 3/4 cents
Mar 24 MGEX Wheat closed at $6.96, up 3 3/4 cents, currently up 7 3/4 cents
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