Wheat futures are back to the red in early Wednesday futures trading with 1 to 3 cent losses across the classes. Front month wheat futures firmed up on Tuesday, but mostly remain red for the week to date. Chicago futures were back up by 1 ½ to 4 ¾ cents. KC wheat futures gained ¼ to 4 ½ cents. The Minneapolis wheat market was fractionally to 2 ¼ cents higher at the close.
Winter wheat ratings in TX improved through the week. The portion rated G/E increased from 42% to 46% and P/VP decreased from 26% to 20% as of 2/1. The crop is ahead of average maturity, with 17% heading compared to the 5 year average of 7% for this date. Harvest usually begins in May.
Government reporting had Ukrainian sea exports out of Odesa port at over 20 MMT since August, including 14.3 MMT of grain. Jan’s grain shipment out of Odesa reached 6.3 MMT, which was reportedly on par with pre-war levels.
Japan issued a regular weekly tender seeking 136k MT of wheat from U.S., Canada, and Australia.
Mar 24 CBOT Wheat closed at $5.95, up 4 3/4 cents, currently down 2 1/4 cents
May 24 CBOT Wheat closed at $6.02 3/4, up 3 3/4 cents, currently down 2 3/4 cents
Mar 24 KCBT Wheat closed at $6.18 1/2, up 4 1/2 cents, currently down 1 3/4 cents
Mar 24 MGEX Wheat closed at $6.93 1/4, up 2 1/4 cents, currently down 1 3/4 cents
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