Wheat Futures Market News and Commentary
The wheat market gave back more of the gains from earlier this week, closing with losses across the U.S. markets. Soft red wheat ended the day the firmest but still closed with 2 1/2 to 5 1/4 cent losses. HRW and HRS were both lower, further stretching the Chicago premium. KC wheat was 5 1/2 to 6 cents lower with the Chi/KC premium climbing to 86 1/4 cents. MPLS spring wheat futures ended the session 6 to 6 3/4 cents lower with the March SRW/HRS premium to its highest in the term of 30 1/2 cents. The one-day delayed Export Sales report from USDA has traders expecting to see 400-650k MT of wheat bookings for the week ending 02/13. New crop wheat sales are expected between 0-50k MT. USDA pegged 2020 US wheat acreage at 45 million acres at their Ag Outlook forum this morning. Saudi Arabia issued an international wheat tender for 715,00 MT for an April to June delivery.
Mar 20 CBOT Wheat closed at $5.60, down 5 1/4 cents,
Mar 20 KCBT Wheat closed at $4.73... Read more