Hard Red Wheat Futures Market News and Commentary
After last week’s runnup the wheat market is dropping back so far into the new week. CBT SRW futures are more than 3% in the red with double digit losses of as much as 20 cents. HRW futures are over 4% in the red with March down by 27 ½ cents so far. Spring wheat futures in Minneapolis are the firmest of the complex, but prices are still 2% weaker for midday.
Wheat exports were shown at 281,697 MT for the week that ended 12/07, according to the USDA’s Export Inspections report. That was a 50% increase for the week, and was up 60k MT from the same week last year. The report had white wheat at 103k MT of the total and HRS as 96k MT of the total. The accumulated wheat export reached 8.6 MMT, compared to 11.1 MMT at the same point last year.
In Friday’s WASDE report, USDA increased wheat exports by 25 mbu to 725 mbu. Projected carryout was trimmed to 659 mbu. The global wheat carryout was 500k MT tighter to 258.2.
Mar 24 CBOT Wheat is at $6.11 3/4, down 20 cents, Read more