Front month wheat futures collapsed on Wednesday, with KC HRW leading the way, down 14 ¼ to 28 ¼ cents. Chicago SRW contracts were down 11 ¼ to 14 cents. Spring wheat futures were down 1 ¾ to 10 ¼ cents on the day.
Ahead of Thursday’s Ag Outlook Forum, the trade expected USDA to show wheat stocks for 23/24 at 650 mbu.
The US markets weren’t the only ones under pressure, as French milling wheat futures fell 2.5% on the day.
Egypt’s tender for April 1-15 shipment was filled by 240,000 MT of Russian wheat. Turkey is tendering for 790k MT of milling wheat.
Mar 23 CBOT Wheat closed at $7.36 1/2, down 14 cents,
May 23 CBOT Wheat closed at $7.50, down 12 3/4 cents,
Cash SRW Wheat was $6.77 1/4, down 13 3/4 cents,
Mar 23 KCBT Wheat closed at $8.76, down 28 1/4 cents,
Cash HRW Wheat was $8.37 3/4, down 27 1/2 cents,
Mar 23 MGEX Wheat closed at $9.14 1/4, down 10 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.
/Intel%20Corp_%20logo%20on%20mobile%20phone-by%20Piotr%20Swat%20via%20Shutterstock.jpg)
/An%20image%20of%20a%20Tesla%20humanoid%20robot%20in%20front%20of%20the%20company%20logo%20Around%20the%20World%20Photos%20via%20Shutterstock.jpg)
/Alphabet%20(Google)%20Image%20by%20Markus%20Mainka%20via%20Shutterstock.jpg)
/Nvidia%20logo%20by%20Konstantin%20Savusia%20via%20Shutterstock.jpg)
/Micron%20Technology%20Inc_%20logo%20on%20building-by%20vzphotos%20vis%20iStock.jpg)