Front month wheat futures are falling with double digit losses of over 2% on Wednesday. CBT futures are down by as muhc as 16 ¼ cents so far. KC HRW futures are 11 ½ to 12 cents lower. Spring wheat remains the firmest of the complex with 9 ½ to 10 cent losses at midday.
Traders are looking for the weekly FAS Export Sales report to show between 300k and 550k MT of wheat bookings for the week that ended 2/8.
The Texas state Crop Progress report showed winter wheat ratings slipping 4% to 42% good/excellent, with the Brugler500 index down 5 points to 325.
French soft wheat acreage is expected at 4.36 million HA (10.77 million acres) for 2024, a slight (320,000 ac) reduction from their 4.49 million HA estimate in December. If realized, it would also be 7.7% below last year.
Russia’s SovEcon raised their estimate for 24/25 produciotn by 1.4 MMT to 93.6 MMT. Russia’s Export Tax was raised by 11.8% to 4,058.9 rubles/MT.
Japan’s Ministry of Ag is tendering for 115,035 MT of wheat from the usual 3 (US, Canada, and Australia) in this week’s tender, with 54,695 MT US specific. A South Korea feedmill group bought 60,000 MT of wheat on Tuesday.
Mar 24 CBOT Wheat is at $5.81 1/2, down 16 cents,
May 24 CBOT Wheat is at $5.80 1/2, down 16 1/2 cents,
Mar 24 KCBT Wheat is at $5.84, down 10 1/2 cents,
Mar 24 MGEX Wheat is at $6.61 1/4, down 10 1/2 cents,
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