KC wheat futures led the way down on Monday as the Southern Plains have rain in the forecast. Front month HRW futures ended 3.1% to 3.4% lower, but march closed 8 cents off the day’s low. Chicago wheat prices settled the first trade day of the week down by 2.7% to 2.9% with a 21 1/2 cent loss for the March contract. Spring wheats went home 1.9% to 2.7% lower on Monday.
NOAA’s 7-day QPF shows rainfall for the South with as much as 5” along the Gulf coast of TX. Most of TX and Oklahoma will see at least an inch of precip accumulation.
USDA’s weekly Export Inspections report showed 334,217 MT of wheat was shipped during the week that ended 1/19. That was up 2.6% from last week, but was 83k MT below the same week last year. USDA had HRW and white wheat each over 100k MT for the week. South Korea was the week’s top destination. The weekly report marked the season’s accumulated export at 12.762 MMT through 1/19, trailing last year’s pace by 477k MT.
Mar 23 CBOT Wheat closed at $7.20, down 21 1/2 cents,
May 23 CBOT Wheat closed at $7.28, down 21 cents,
Cash SRW Wheat was $6.65 1/1, down 21 1/2 cents,
Mar 23 KCBT Wheat closed at $8.19, down 29 cents,
Cash HRW Wheat was $7.84 7/8, down 29 cents,
Mar 23 MGEX Wheat closed at $8.87 3/4, down 25 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. For more information please view the Barchart Disclosure Policy here.
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