The Wednesday wheat market is trading back near break even after seeing action on both sides overnight. March SRW is down by 1 1/2 cents, after trading from -5 1/2 to +4 3/4 so far. Winter wheat prices ended the day with double digit losses. CBT SRW closed down by 10 1/4 to 11 cents on the day, with 14 to 16 3/4 cent losses in the KC HRW market. Spring wheat futures were also red, but the losses were limited to 7 1/2 cents across the front months.
Ahead of the USDA Wheat Seedings data, analysts are looking for all winter wheat acreage to total 34.5m acres. That would be a seven year high if realized. Last year’s planting was 33.3m acres. HRW specifically is looking to expand by 800k on average, with a 300k acre boost for SRW.
Egypt is tendering for wheat to be funded by the World Bank – Russia holds the lowest offer so far. Taiwan is looking to secure 45.2k MT of U.S. wheat. Japan issued a regular wheat tender for 89.7k MT of wheat to be sourced from the U.S. and Canada.
Mar 23 CBOT Wheat closed at $7.31, down 10 1/2 cents, currently down 1 1/4 cents
May 23 CBOT Wheat closed at $7.39 1/2, down 10 1/2 cents, currently down 1 1/2 cents
Cash SRW Wheat was $6.75 ¾ on Tuesday, down 10 cents,
Mar 23 KCBT Wheat closed at $8.11 3/4, down 16 3/4 cents, currently down 2 cents
Cash HRW Wheat was $7.77 5/8 on Tuesday, down 16 3/4 cents,
Mar 23 MGEX Wheat closed at $8.94 1/2, down 7 1/2 cents, currently down 1 1/4 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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