Mid-Session Wheat Market Report
Fri 25 Jan 2013 11:17:23 CT
Related Keywords: Agriculture

KC and Chicago wheat traded sharply higher early in the session but are trading nearly unchanged midday after reporting positive export sales data this morning. Net weekly export sales for all wheat, came in at 572,500 tonnes for the current marketing year and 75,000 for the next marketing year for a total of 647,500 tonnes. As of January 17th, cumulative wheat sales stand at 71.5% of the USDA forecast vs. a 5 year average of 78%. Sales of 423,000 tonnes are needed each week to reach the USDA forecast which is down from 430,800 tonnes last week. This is the second straight week the wheat market has narrowed the gap between sales and sales volume needed per week to reach the demand estimates which is positive to price direction. KC sales were reported at 258,900 tonnes for the current marketing year, up from the week prior and Chicago wheat sales were at 102,200 tonnes which was down from the week prior. The uptick in sales is seen as a sign that demand is picking up and the drought conditions in the western plains are helping to support the trade today as well.


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