Tight Overnight Range for Wheat into Friday
The AM wheat market is trading within a penny of UNCH across the three U.S. classes. March SRW kept to a tighter 4 ¼ cent range overnight, from -1 ¾ to +2 ½. Wheats were mixed on Thursday, as the Chicago SRW futures closed higher vs. hard wheat losses. Gains in the SRW market were 2 ½ to 4 ½ cents at the close. KC wheat futures were mixed with fractional gains through May to 1 ¾ cent losses in the deferred contracts. Spring wheat prices closed 2 ½ to 3 ¾ cents in the red.
Export Sales data showed 322,702 MT of wheat was sold during the week that ended 12/14. Total wheat commitments sit at 14.53 MMT (546 mbu), which is 2.9% ahead of last year’s pace and 75% of the WASDE full year forecast. By class, HRW commitments sit at 64% of their forecasted export total, SRW @ 89%, HRS @ 77%, white @ 71%, and the 13.3 mbu of durum commitments are 53% of the 25 mbu forecast.
Pakistan issued an international tender for 110k MT. Thailand is tendering for 193k MT of feed wheat.
Mar 24 CBOT Wheat closed at $6.12 1/2, up 2 1/2 cents, currently up 1 cent
May 24 CBOT Wheat closed at $6.24, up 2 3/4 cents, currently up 1 cent
Mar 24 KCBT Wheat closed at $6.26 3/4, up 1 3/4 cents, currently up 3/4 cent
Mar 24 MGEX Wheat closed at $7.14 1/4, down 3 3/4 cents, currently UNCH
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