The old crop SRW contracts held for the day, going home fractionally to 1 3/4 cents higher. New crop SRW settled with fractional to 1 3/4 cent losses. The hard red wheats, however, fell on Thursday with KC closing down by 0.7% to 1.6% and MPLS giving back 4 to 6 1/4 cents on the day.
Analysts anticipate the FAS data on Friday will show between 150k MT and 500k MT of wheat was sold for export in the week ending Feb 16.
The USDA Ag Outlook Forum, showed US wheat production is forecasted at 1.887 bbu, which offset the tighter carry-in for a total 2023/24 supply of 2.575 bbu. Usage was marked at 1.967 bbu, with 977 mbu for food and 825 mbu for exports. The ending stocks were marked at 608 mbu for 23/24, slightly tighter than the 650 mbu trade average guess.
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 $7.38 1/4, up 1 3/4 cents,
May 23 CBOT Wheat closed at $7.50 1/2, up 1/2 cent,
Cash SRW Wheat was $6.79, up 1 5/8 cents,
Mar 23 KCBT Wheat closed at $8.61 3/4, down 14 1/4 cents,
Cash HRW Wheat was $8.23 1/4, down 13 7/8 cents,
Mar 23 MGEX Wheat closed at $9.08, down 6 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.
/Green%20hydrogen%20by%20Scharfsinn%20via%20Shutterstock.jpg)
/AI%20(artificial%20intelligence)/Artificial%20intelligence%20and%20machine%20learning%20concept%20-%20by%20amgun%20via%20iStock.jpg)