Wheats Off the Lows, Still Red at Midday
Wednesday wheat trading has the board double digits in the red through midday. Chicago futures are off the lows with 12 ¾ to 13 ¼ cent losses at midday, March was down by 17 cents. KC HRW futures are 9 ¼ to 10 ¾ cents in the red for midday. Spring wheat futures are trading 8 ¼ to 10 cents lower so far.
Coceral estimates the 2024 European grain production at 139.4 MMT. That is a 100k MT increase from this season. Russia’s Ag Ministry reported the 2024 grain crop was 142.6 MMT, a 9.5% decrease from last season’s all-time record. Of that, Russia’s wheat crop totaled 92.77 MMT.
The weekly Export Inspections data from USDA showed 428k MT of wheat was shipped during the week that ended 12/21. That was up from 285k MT last week and was above the same week last year. HRW shipments were the largest contributor, with 142k MT, HRS added 129k MT to the total, and 38.5k MT were SRW. USDA also removed 23k MT of wheat shipments to Italy, for an updated yearly total of 9.33 MMT.
Mar 24 CBOT Wheat is at $6.22 1/2, down 13 3/4 cents,
May 24 CBOT Wheat is at $6.33, down 13 1/4 cents,
Mar 24 KCBT Wheat is at $6.32 1/4, down 10 1/2 cents,
Mar 24 MGEX Wheat is at $7.20, down 9 1/4 cents,
On 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 solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
