Overnight Chicago futures stayed mostly within +/-6 cents, prices are down by 5 1/4 going into the day session open. Yesterday, Chicago wheat prices avoided Monday’s low (the lowest print since August), but ended Tuesday 7 1/2 to 8 3/4 cents lower. Front month HRW futures saw new lower lows on Tuesday save the Dec contract, for March HRW $9.10 1/2 was the lowest print since 9/20. Spring wheat futures stayed relatively firm and ended the day down by 2 to 4 1/2 cents across the front months. That widened the Dec HRS to Dec SRW premium to $1.54, the largest premium at the close since their trading began in 2020.
The US futures markets will be closed on Thursday and will resume trading at 8:30 CST on Friday morning for an abbreviated session.
Rosario Grains Exchange lowered their Argentinian wheat export estimate to 6.5 MMT, from 7, citing lower wheat production.
Dec 22 CBOT Wheat closed at $7.91 1/2, down 7 3/4 cents, currently down 5 1/4 cents
Mar 23 CBOT Wheat closed at $8.10 ½, down 7 3/4 cents, currently down 5 1/4 cents
Cash SRW Wheat was $7.25 ¾ on Tuesday, down 8 3/4 cents,
Dec 22 KCBT Wheat closed at $9.25 1/2, down 8 3/4 cents, currently down 6 cents
Cash HRW Wheat was $8.87 3/8 on Tuesday, down 8 5/8 cents,
Dec 22 MGEX Wheat closed at $9.46, down 2 cents, currently down 1/4 cent
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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