Wheats Mixed for Midday Market Quotes

Midday wheat futures are trading on both sides of UNCH for Thursday. Chicago prices are mostly higher but mixed within 2 ½ cents of UNCH. KC prices are mostly lower within 3c of UNCH. And MPLS spring wheat quotes are up by ½ to 1 ¾ cents.

USDA’s weekly Export Sales report had 322k MT of wheat bookings for the week that ended 1/25. That was a 29% decrease from the week prior, but came in as expected. New crop bookings were marked as 15.5k MT for the week, also within the range of estimates. 

The Buenos Aires Grains Exchange reported Argentina’s 23/24 wheat harvest finished with 15.1 MMT. That was 3 MMT below the forecasts at the start of the season but was a 24% recovery from the 22/23 drought afflicted crop.  

USDA’s Ag Attache raised the projected 23/24 wheat export to 17.7 MMT for Ukraine. That’s a 3% increase from 22/23 and stands 26% above the January WAOB figure - citing a large export program for the month of December and increased export capacity via both the Danube river and via Romanian ports. 

Mar 24 CBOT Wheat  is at $5.97 3/4, up 2 1/2 cents,

May 24 CBOT Wheat  is at $6.06 1/4, up 1 cent,

Mar 24 KCBT Wheat  is at $6.18 3/4, down 3 1/4 cents,

Mar 24 MGEX Wheat  is at $6.93 1/2, up 1 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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