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Thursday, February 16, 2023 1:25:41 PM
Red SRW With Hard Red Wheat Gains
By: Barchart | February 16, 2023
Chicago wheat futures are off their lows, but are still trading 2 3/4 to 3 3/4 cents weaker on the day. The hard red wheats remain in the black for Thursday, with KC wheat up by 4 1/4 to 5 cents and front month MPLS wheat 4 1/2 to 6 1/2 cents higher.
USDA’s weekly Export Sales report had 209,847 MT of wheat bookings from the week that ended 2/9. That was a 3-wk high and was 78% above the same week last year. Taiwan was the top buyer but was closely followed by Japan and Nigeria each with +30k MT. HRS and white wheat had the most activity with 35% of the sales each, followed by SRW with 20% and HRW with 10%. Accumulated export shipments were 12.96 MMT, or 476.3 mbu as 61% of the WASDE forecast. Total commitments were at 78% of the forecast as of 2/9.
Russia’s SovEcon lifted their 22/23 wheat export forecast by 100k MT to 44.2 MMT, citing a weak ruble, large domestic stocks, and solid demand. USDA has their official forecast at 43 MMT for Russian wheat exports. Russia’s Interfax counted 19.8 MMT of wheat stocks in their January count, compared to 12.4 MMT at the same time last year.
CBH Group, a private exporter from Australia, said Western Australian farmers have delivered 22.7 MMT of grain, up from 21.3 MMT last year. They forecast a record crop from the region and suggest final counts will be revised higher.
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By: Barchart | February 16, 2023
Chicago wheat futures are off their lows, but are still trading 2 3/4 to 3 3/4 cents weaker on the day. The hard red wheats remain in the black for Thursday, with KC wheat up by 4 1/4 to 5 cents and front month MPLS wheat 4 1/2 to 6 1/2 cents higher.
USDA’s weekly Export Sales report had 209,847 MT of wheat bookings from the week that ended 2/9. That was a 3-wk high and was 78% above the same week last year. Taiwan was the top buyer but was closely followed by Japan and Nigeria each with +30k MT. HRS and white wheat had the most activity with 35% of the sales each, followed by SRW with 20% and HRW with 10%. Accumulated export shipments were 12.96 MMT, or 476.3 mbu as 61% of the WASDE forecast. Total commitments were at 78% of the forecast as of 2/9.
Russia’s SovEcon lifted their 22/23 wheat export forecast by 100k MT to 44.2 MMT, citing a weak ruble, large domestic stocks, and solid demand. USDA has their official forecast at 43 MMT for Russian wheat exports. Russia’s Interfax counted 19.8 MMT of wheat stocks in their January count, compared to 12.4 MMT at the same time last year.
CBH Group, a private exporter from Australia, said Western Australian farmers have delivered 22.7 MMT of grain, up from 21.3 MMT last year. They forecast a record crop from the region and suggest final counts will be revised higher.
Read Full Story »»»
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