After a mostly bull friendly report, the wheat market is trading in the red through Friday’s midday. Chicago futures are down by double digits for midday, with 5 ½ cent losses in the KC wheat market. MGE spring wheat futures are working with midday losses of 5 ¾ cents across the front months. The cash averge price for wheat from the WASDE report was a dime higher at $7.30.  

USDA reported China booked another 110k MT of SRW via private export sale.   

USDA’s December balance sheet for the domestic wheat situation increased the SRW exports by 30 mbu to 175 mbu, while also trimming the white wheat by 5. On net that set the total wheat exports 25 mbu higher to 725 mbu. That cut projected carryout to 659 mbu, compared to the UNCH 684 trade average guess going into the release.  They raised the projected cash average price 10 cents per bushel for the year, due to the stronger export demand.  

The global wheat picture saw a 1 MMT boost for Australian wheat production and a 950k MT boost for Canada. The global carryout was then 500k MT tighter to 258.2, compared to the 100k MT looser carryout expected.  

Wire sources suggest Pakistan is tendering for 110k MT of wheat. Bangladesh is on the hunt for 50k MT of milling wheat. Lebanon seeks 30k MT of milling wheat via tender.  

Mar 24 CBOT Wheat  is at $6.29 1/4, down 13 cents, 

May 24 CBOT Wheat  is at $6.38, down 11 1/2 cents, 

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

Mar 24 KCBT Wheat  is at $6.60 1/2, down 7 cents, 

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

Mar 24 MGEX Wheat  is at $7.31 1/4, down 6 cents,