Wheat prices have backed off into their midday quotes, with CBT and MGE contracts in the red. KC HRW is still fractionally to 3 cents in the black for midday but is 6 cents off it’s high in the March contract. SRW futures are trading with midday losses of as much as a dime, as March is 18 cents under its earlier session high. Spring wheat is 1 1/4 to 2 3/4 cents in the red for midday.
SRW fields in the Eastern Corn Belt will receive moisture this week (mostly snow), with NOAA’s 7-day QPF showing an accumulated 2-2.5” of rainfall equivalent from Eastern NE through WV. Western NE southward to TX will miss out, but parts of OK and KS will get 1/2 to 1 1/2” for the week.
USDA’s weekly Export Inspections data showed 373,429 MT of wheat was exported during the week that ended 2/16. That was nearly 100k MT lighter for the week and was down nearly 200k MT from the same week last year. In the report, USDA showed 105k TM was HRS and 101k MT was white wheat with HRW exports at 84k MT. The full season’s export was marked at 14.66 MMT as of 2/16, trailing last year’s 15.08 MMT pace.
France’s weather monitor, Meteo France, reported a 27-day streak without rain (since January 21st) for the country. They pegged the nation’s Feb rain total at a 50% deficit, but cited the coming growing season will be more meaningful for the crops. The EU’s Monitoring Agricultural Resources unit reported the rainfall deficit as 20% of normal for Spain and Portugal through Feb.
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 is at $7.55 1/2, down 10 cents,
May 23 CBOT Wheat is at $7.66 3/4, down 9 1/2 cents,
Cash SRW Wheat is at $6.96 1/1, down 10 cents,
Mar 23 KCBT Wheat is at $9.09, up 2 1/2 cents,
Cash HRW Wheat is at $8.69 5/8, up 2 1/8 cents,
Mar 23 MGEX Wheat is at $9.28, down 2 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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