Wheats closed the Thursday session with gains. Chicago ended the day a penny to 1 ¾ cents in the front month contracts. HRW futures were up by 3 to 8 cents after the March contract’s 11 ¼ cent gain. MGE spring wheat futures closed 3 ¾ to 4 ½ cents in the black. 

Minneapolis Grains Exchange reported HRS wheat stocks were 15.473 mbu in warehouses. That is 302k bushels tighter for the week and 5.3% below the same time last year. 

Weekly Export Sales data showed 451,368 MT of wheat was sold for 23/24 delivery and 59k MT for new crop. That came in near the top end of the expected range but was still down 36% for the week and 10% under the same week last year. USDA had Mexico as the top buyer. 

Canada’s Agriculture and Agri-Food agency released their preliminary assumptions for 24/25 grains. Wheat area is projected at 10.73m HA vs the 10.94m HA last year. Wheat yield is expected to recover 8% with net output 4.2% higher to 33.3 MMT. 

Russia’s SovEcon raised their outlook for wheat production by 900k MT to 92.2 MMT. That remains 600k MT below this season’s production figure. 

EU wheat exports were shown at 17.4 MMT for the season through 1/19. That trails last year’s pace by 7.6%. 

Mar 24 CBOT Wheat  closed at $6.12 1/4, up 1 1/2 cents,

May 24 CBOT Wheat  closed at $6.22, up 1 3/4 cents,

Mar 24 KCBT Wheat  closed at $6.37, up 11 1/4 cents,

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Mar 24 MGEX Wheat  closed at $7.09, up 4 1/2 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.