Chicago futures are staying in the black for midday, but are off their session highs, given another export sale announcement. Futures are up 1 to 5 ½ cents but are 13 cents off their daily highs. Kansas City wheat futures are down by 3 ¼ to 3 ¾ cents across the front months. Mar HRW is nearly 20c off the session high. Spring wheat futures are down by 4 ½ to 5 ½ cents so far.  

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. 

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.

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. 

ABARES raised their Aussie wheat crop by 100k MT to 25.5 MMT citing recent rains but raising concerns regarding late season quality degradation. 

Dec 23 CBOT Wheat  is at $6.21 3/4, up 1 cent,

Mar 24 CBOT Wheat  is at $6.37 1/2, up 6 1/4 cents,

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

Mar 24 KCBT Wheat  is at $6.61 3/4, down 1 cent,

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

Mar 24 MGEX Wheat  is at $7.35 1/4, down 3 3/4 cents,