The Chicago wheat trade held relatively firm on Wednesday after another export sale, but SRW futures were fractionally mixed to 2 ¼ cents higher by the settle. KC futures dropped by 1% on the day. Spring wheat closed the Wednesday session with 8 ½ cent losses across the front months. 

Going into the weekly Export Sales data, traders are looking for USDA to show wheat bookings between 250k MT and 800k MT. The daily reporting system had another SRW sale to China – with 372k MT sold in addition to their prior announcements. USDA reported another 198k MT SRW sale to China on Tuesday for 2023/24 delivery. Egypt’s GASC bought 120k MT of Russian wheat and 60,000 MT from Ukraine.

Census reported 1.07 MMT of wheat was shipped during the month of October. That put the season’s official shipment at 7.25 MMT (266.4 mbu). That is the slowest pace since 69/70 and is 38% of the season’s forecasted sum. 

Ukraine reported that 7 MMT of cargo has been shipped via the Odesa port since August 8th, when the Navy initiated their own export corridor. Of that, 5 MMT was listed as grain. The port has also welcomed 226 ships safely during the same time. 

Dec 23 CBOT Wheat  closed at $6.15 3/4, down 5 cents,

Mar 24 CBOT Wheat  closed at $6.33 1/2, up 2 1/4 cents,

Cash SRW Wheat  was $4.75 5/8, up 11 5/8 cents,

Mar 24 KCBT Wheat  closed at $6.56, down 6 3/4 cents,

Cash HRW Wheat  was $5.47 3/8, up 5 1/4 cents,

Mar 24 MGEX Wheat  closed at $7.30 1/2, down 8 1/2 cents,