IKAR in Mass and Industry Media

Wheat Gaining through AM Trade

msn.com

The three wheat markets opened higher on Sunday night and are currently working with fractional to 5 cent gains so far. Wheat prices ended the last trade day of the week with losses. Chicago wheat futures gave back 2 1/2 to 4 1/4 cents across the front months on Friday. KC HRW prices settled 7 1/2 to 8 cent lower. Spring wheat futures went into the weekend with losses of 2 3/4 to 4 cents.

Wheat Gaining through AM Trade © Provided by Barchart

U.S. wheat carryout is anticipated to loosen 7.6 mbu in USDA’s Feb WASDE, according to the average of pre-report estimates. That would leave carryout at 574.6 mbu if realized. The full range of estimates for domestic wheat stocks is from 557 (-10) to 612 (+45) mbu. Global wheat stocks are estimated to be reported at 268.8 MMT, which would be 400k MT looser if realized.

Russia’s IKAR reduced their outlook from 87 MMT to 84 MMT for the 2023 wheat crop citing a cold and dry winter.

Traders estimate StatsCan will report wheat stocks at 22.3 MMT as of Dec 31. The lowest estimate is for 21.2 MMT, and the highest estimate is for 23.2 MMT, compared to last year’s 16.798 wheat stock.

Mar 23 CBOT Wheat closed at $7.56 3/4, down 4 1/4 cents, currently up 5 1/4 cents
May 23 CBOT Wheat closed at $7.68 1/4, down 3 3/4 cents, currently up 5 1/4 cents
Cash SRW Wheat was $6.96 5/8, down 4 1/2 cents,
Mar 23 KCBT Wheat closed at $8.73, down 7 3/4 cents, currently up 6 1/4 cents
Cash HRW Wheat was $8.40 3/4, down 7 1/8 cents,
Mar 23 MGEX Wheat closed at $9.21 1/2, down 3 1/4 cents, currently up 3/4 cent

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.

https://msn.com/en-us/money/markets/wheat-gaining-through-am-trade/ar-AA17alTq

08.02.23

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