Wheats are trading back near breakeven after a wide overnight range. Winter wheat prices are mostly red within 2 cents, Dec SRW was in a 14 1/2 cent range overnight. The domestic wheat complex pulled back some on Tuesday, with CBT futures ending the day fractionally to 4 cents weaker. Dec SRW is now at a 16c loss for the week. KC futures closed with front month losses of 3 to 4 1/2 cents. MPLS spring wheat futures went home 3 3/4 to 5 1/2 cents lower.Â
Russian wheat prices continue to run well below EU and US offerings. Purchasing of Russian wheat is not prohibited, but buying from sanctioned companies is. Australian sources indicate that flooding in New South Wales has damaged some wheat there just ahead of harvest. Estimates on production loss are still evolving.Â
Ukrainian Deputy Minister Dmytrasevych expects a 30-40% reduction in Ukraine wheat area into the 23/24 season.Â
Dec 22 CBOT Wheat  closed at $8.34 3/4, down 4 cents, currently down 1 cent
Mar 23 CBOT Wheat  closed at $8.54 1/4, down 4 cents, currently down 1 1/4 cents
Cash SRW Wheat  was $7.68 1/8 on Tuesday, down 5 1/8 cents,
Dec 22 KCBT Wheat  closed at $9.34 1/2, down 3 1/2 cents, currently down 2 1/4 cents
Cash HRW Wheat  was $8.93 ¾ on Tuesday, down 3 1/2 cents,
Dec 22 MGEX Wheat  closed at $9.52 1/4, down 5 1/2 cents, currently up 3 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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