Wheat futures sit near the top of the overnight range with 3-6 cent gains in Chicago, a cent higher KC board and 2 to 4 ½ cent gains in Minneapolis. Chicago wheat trading held relatively steady Wednesday after another export sales announcement, but SRW futures were fractionally mixed to just 2 ¼ cents higher on the settlement. KC futures fell 1% on the day. Spring wheat closed Wednesday’s session with 8 ½ cent losses over the previous months.
Heading into the weekly Export Sales report, traders are looking for USDA to show wheat reserves between 250k MT and 800k MT. The daily reporting system had another SRW sale to China on Wednesday – with 372k MT sold on top of their previous announcements. USDA reported another sale of 198k MT SRW to China on Tuesday for 2023/24 delivery.
Census reported 1.07 MMT of wheat was shipped during the month of October. That put the season’s official shipment at 7.25 MMT (266.4 mbu). That is the slowest pace since 69/70 and is 38% of the season’s projected total.
Ukraine reported that 7 MMT of cargo had been shipped through the Odessa port since August 8, when the Navy initiated its own export corridor. Of this, 5 MMT was listed as grain. The port also welcomed 226 ships safely during the same time.
Dec 23 CBOT Wheat closed at $6.15 3/4, down 5 cents, currently down 5 cents
Mar 24 CBOT Wheat closed at $6.33 1/2, up 2 1/4 cents, currently up 6 3/4 cents
Cash SRW Wheat was $4.75 5/8, up 11 5/8 cents,
Mar 24 KCBT Wheat closed at $6.56, down 6 3/4 cents, currently up 3/4 cents
Cash HRW Wheat was $5.47 3/8, up 5 1/4 cents,
Mar 24 MGEX Wheat closed at $7.30 1/2, down 8 1/2 cents, currently up 3 1/2 cents
As of the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
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