**Wheat Market Updates (January 22, 2023)**
On January 22, 2023, the wheat complex experienced a decline across all major markets. Chicago SRW futures closed down 6 to 7 cents, while KC HRW futures dropped by 10 to 11 cents. MPLS spring wheat saw a decrease of 5 to 6 cents.
The USDA reported that wheat export inspections for the week totaled 351,001 MT (12.9 million bushels), marking an 11.76% decrease from the previous week and 27.56% lower compared to the same week last year. South Korea received the largest shipment at 119,036 MT, followed by Japan with 73,230 MT and Mexico at 63,773 MT. Year-to-date wheat shipments now stand at 16.33 MMT (600.05 million bushels), which is 18.21% above last year’s figures.
Additionally, USDA Export Sales data revealed a total of 21.03 MMT of wheat commitments as of January 15, 18% higher than last year and representing 86% of the USDA’s target, close to the average sales pace of 87%.
