Wheat futures are backing off their overnight highs this morning after a three day holiday weekend. Prices are fractionally higher in the SRW market and 2 to 5 cents in the black for the hard red classes. Wheat futures faded into a mixed close for SRW and HRS contracts on Friday, but KC wheat stayed up by 6 1/2 to 8 1/2 cents across the front months. For March HRW, that limited the weekly loss to 2 1/2 cents. Chicago futures settled fractionally mixed on the day, with a 20 1/2 cent loss for the week. Spring wheat prices went into the extended weekend within 2 cents of UNCH on Friday. March Minneapolis wheat was both UNCH on the day and UNCH on the week.
Private estimates from Ukraine have the 23/24 grain output at 64.8 MMT, compared to 72.7 MMT in 22/23. That includes a 17.4 MMT wheat crop, with a 14 MMT forecasted wheat export program.
Japan booked 76,203 MT of wheat via a regular weekly tender from the U.S., Canada, and Australia late last week.
Mar 23 CBOT Wheat closed at $7.65 1/2, up 1/2 cent, currently up 1/4 cent
May 23 CBOT Wheat closed at $7.76 1/4, down 0 cent, currently up 1/2 cent
Cash SRW Wheat was $7.06 7/8, up 1/2 cent,
Mar 23 KCBT Wheat closed at $9.06 1/2, up 8 cents, currently up 2 1/2 cents
Cash HRW Wheat was $8.67 1/2, up 7 1/2 cents,
Mar 23 MGEX Wheat closed at $9.30 1/4, down 0 cent, currently up 3 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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