Chicago wheat futures firmed up after Monday’s drop for a light turnaround Tuesday. At the close, they had given most of the double digit gains back and settled mostly higher within a penny of UNCH. KC wheat continued lower, dropping another 3 to 8 3/4 cents across the front months. March HRW is now at a net 25 cent loss WTD. Spring wheat prices from Minneapolis closed 11 cents in the red in Dec, now at just a 5 3/4 cent premium to March. The other nearby HRS prices faded 2 1/2 to 5 1/4 cents.
StatsCan production estimates show traders expect Canadian wheat to increase 100k MT to 34.8 MMT from the prior estimate. The full range is to see between 33.8 MMT (-0.9 MMT) and 35.5 MMT (+0.8 MMT) ahead of the data. Spring wheat specifically is expected to be revised down by 200k MT to 25.9 MMT, with durum expected to drop 200k MT to 5.9 MMT.
Dec 22 CBOT Wheat closed at $7.57 3/4, up 1 cent,
Mar 23 CBOT Wheat closed at $7.81 1/2, up 3/4 cent,
Cash SRW Wheat was $6.98 5/8, up 7 cents,
Dec 22 KCBT Wheat closed at $9.01, down 3 3/4 cents,
Cash HRW Wheat was $8.58 3/4, down 4 cents,
Dec 22 MGEX Wheat closed at $9.40 1/4, down 11 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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