Spring Wheat Futures Market News and Commentary
Wheat futures are steady to 5 cents lower across most contracts on Wednesday morning. The board showed gains across most contracts on Tuesday. CBT wheat futures went home with 7 1/4 to 8 3/4 cent gains. KC wheat prices ended the day with 4 1/2 to 7 3/4 cent gains, but March was 3 1/2 cents off the high. Spring wheat prices went home up by 1/2 a cent to 5 3/4 cents.
The NWS 6-10 and 8-14 day forecasts have above normal odds for precip in the HRW and SRW growing areas. Snow is helpful, rain adds up faster but will run off if the ground is still frozen underneath.
Jordan is in the market for 120k MT of wheat. The Joint Coordination Centre tracking Ukraine’s exports showed that 19 MMT of grain has been exported since the corridor deal was agreed. Egypt’s GASC issued a tender for wheat with delivery specified for early March. The tender will be closed for offers on Thursday.
Mar 23 CBOT Wheat closed at $7.61 1/4, up 8 3/4 cents, currently down 4 1/2 cents
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