CBT SRW ended the day more than a dime off its day’s high and 6 cents in the red for a Turnaround Tuesday pullback. KC wheat futures also ended in the red, but March HRW stayed above the $9/bu mark. Spring wheats were fractionally mixed at the close, with a gain for the March contract.
Weekly wheat exports were reported at 472,327 MT for the week of 2/09. That is 118k MT lower on the week, but is up 13k MT from the same week last year. HRW and HRS made up 70% of the week’s total. USDA also added 55k MT of shipments to past reports for a MY total of 14.286 MMT, now trailing last year by 1.5%.
The French Ag Ministry estimates 23/24 winter grain area at 6.76m HA from 6.71 previously, with a 10k HA boost to wheat specifically – now at 4.76m HA and 2% higher yr/yr.
The Texas state Crop Progress report showed that 11% of the state’s winter wheat crop was rated gd/ex as of February 12, down 2% on the week. That translates to a Brugler500 index of 231, 4 points lower vs. last week.
Mar 23 CBOT Wheat closed at $7.86, down 6 cents,
May 23 CBOT Wheat closed at $7.96 3/4, down 4 cents,
Cash SRW Wheat was $7.26 1/4, down 6 cents,
Mar 23 KCBT Wheat closed at $9.06, down 6 1/4 cents,
Cash HRW Wheat was $8.69 1/1, down 6 3/8 cents,
Mar 23 MGEX Wheat closed at $9.32, up 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. For more information please view the Barchart Disclosure Policy here.
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