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Where the margin is 2023

Where the margin is 2023
February 9-10, 2023, Moscow

 

Fractionally Mixed Wheat Market

29 ноября 2022 года

Front month wheat futures are setting within 2 cents of UNCH into the day portion of Tuedsay. Overnight SRW action saw a 10 cent range. CBT SRW closed 13 1/4 cents off the low for the day (Dec) but still ended down by 3 3/4 to 4 1/4 cents yesterday. Preliminary OI showed net new selling, up 3,112 contracts. KC futures ended Monday’s trade UNCH to 2 1/2 cents in the red, after bouncing back by 10-11 cents from the intra day lows. MGE wheat futures closed 3 1/2 to 6 cents in the red on the day.

Fractionally Mixed Wheat Market

USDA’s weekly Crop Progress report showed emergence reached 87% as of 11/20. That is 1% point ahead of the 5-yr average. Winter wheat conditions were UNCH last week at 32% good/ex, but 2 points lower on the Brugler500 index to 289. In KS, winter wheat conditions were 266 on the Brugler500 index.

Weekly wheat exports were 279,904 MT from the Inspections report. That was a 109k MT increase wk/wk and was up 87k MT from the same week last year. White wheat made up 43% of the total, with HRW for 34%.

IKAR forecasts Russian wheat exports at 44 MMT, up from their 42 MMT prior estimate on 101.5 MMT of production. Russia’s wheat export tax was down 6.4% for the week to 2,735 rubles/tonne (~$44.93).

Rosario Grains Exchange lowered their Argentinian wheat export estimate to 6.5 MMT, from 7, citing lower wheat production. Argentina’s Economy Ministry estimates the wheat crop at 13.4 MMT for 22/23, a 39.4% drop from 21/22 – citing both the prolonged drought and frost conditions in the south.

Dec 22 CBOT Wheat closed at $7.99 1/4, down 4 cents, currently up 1 1/4 cents

Mar 23 CBOT Wheat closed at $8.18 1/4, down 3 3/4 cents, currently up 1/2 cent

Cash SRW Wheat was $7.33 ½ on Monday, down 4 cents,

Dec 22 KCBT Wheat closed at $9.34 1/4, down 0 cent, currently UNCH

Cash HRW Wheat was $8.93 ½ on Monday, unch,

Dec 22 MGEX Wheat closed at $9.48, down 3 1/2 cents, currently down 1/4 cent

https://barchart.com/

Source: barchart.com  |  #grain   |  Comments: 0   Views: 6


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