The winter wheat futures are fractionally higher in KC and up by as much as 9 cents in Chicago so far on Friday. Spring wheat futures are red at midday with 2 cent losses.
NOAA’s 7-day QPF has rainfall along the TX/OK border, amounting to as much as 2 ½” for the week. KS and NE will mostly miss out with precip limited to ¼”.
USDA’s monthly wheat S&D update lowered domestic food use by 10 mbu and added it to stocks for a 658 mbu carryout. Traders had been leaning toward a tighter number.
Globally, USDA’s WAOB raised the wheat production by 830k MT to 785.74 MMT. Trade was raised by 1.15 MMT with Ukraine, Australia, and Argentina grabbing most of the increase. Chinese wheat imports were cut by 500k MT in the update. On net, carryout was 590k MT tighter compared to the expected 500k MT.
StatsCan’s Grain Stocks report for December 31 showed all wheat stocks at 20.68 MMT. That was on par with the average trade guess of 20.7 MMT of wheat and down 10.3% vs. last year.
Mar 24 CBOT Wheat is at $5.97 1/2, up 9 cents,
May 24 CBOT Wheat is at $6.00 1/2, up 6 1/2 cents,
Mar 24 KCBT Wheat is at $6.01 3/4, up 3/4 cent,
Mar 24 MGEX Wheat is at $6.83 3/4, unch,
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