The wheat markets pushed higher on Thursday, led by the KC HRW market. Futures closed up by 1.97% to 2.55% on the day, with March up by 21 1/2 cents. CBT SRW also pushed higher with gains of 1.5% to 1.65%. The new crop HRW to SRW spread is now at an 86 1/4 cent premium, compared to a $1.12 1/4 spot premium and the July ’23 Chicago contract’s premium in March last year. At the close, spring wheat futures were up by 6 3/4 to 8 1/2 cents.
Oats Futures Prices also saw Thursday strength with gains of 7 1/4 to 8 1/4 cents. That left the July contract at a new high for the year.
USDA reported wheat export sales were 500,249 MT for the week that ended 1/19. Japan and Mexico were the top buyers for the week. By class white wheat led the charge with nearly 200k MT. Accumulated wheat commitments were 16 MMT as of 1/19, which remains 7% under last year’s pace.
Mar 23 CBOT Wheat closed at $7.52 1/2, up 11 1/4 cents,
May 23 CBOT Wheat closed at $7.60 1/2, up 11 1/2 cents,
Cash SRW Wheat was $6.98 3/4, up 11 cents,
Mar 23 KCBT Wheat closed at $8.64 3/4, up 21 1/2 cents,
Cash HRW Wheat was $8.30 5/8, up 21 1/2 cents,
Mar 23 MGEX Wheat closed at $9.18, up 8 1/2 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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