Spring Wheat Mar '21 (MWH21)
Spring Wheat Futures Market News and Commentary
On Thursday wheat futures pulled back. CBT futures were down 6 1/2 to 7 cents in new crop and 8 1/2 to 9 3/4 cents weaker in old crop. HRW futures contracts weakened 9 1/2 to 11 3/4 cents, widening the intra winter wheat spread to a 27 1/2 cent premium for SRW nearby. New crop futures still hold a half penny premium to SRW. Cash price data from cmdtyView shows new crop cash HRW prices are 33 3/4 cents above SRW. Spring wheat futures ended the Thursday session 5 to 7 cents weaker on the board. Wheat export sales were below the range of estimates at 167,7441 MT for the week ending 2/18. That was the lowest weekly wheat sale since March 26 of 2020. Spring wheat was the top seller on the week with 35% of all wheat sales, HRW was 24% of the total. MYTD white wheat commitments are 1.9% above USDA’s forecast for the season’s exports, physical shipments are 63% of the total through 2/18. Trade estimates ahead of USDA’s weekly Export Sales report are for 250,000 MT to 700,000 MT. New crop bo... Read more
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