Following the double digit losses to start the week, Tuesday wheat futures are another penny to a nickel lower so far. FND had 910 CBT notices and 245 delivery notices for March KC wheat. Yesterday, CBT SRW closed with 9 1/2 to 12 1/4 cent losses. May SRW was down a net 90 ¾ cents since touching $8/bu in mid Feb. Nearby KC wheat prices closed 14 1/2 to 18 3/4 cents lower on the day taking May HRW to the lowest prints of the month of Feb, and is down 87 cents for the past 5 sessions. Spring wheat prices fell 9 1/2 to 16 cents on Monday.Â
KS winter wheat conditions were 19% good/ex on 2/26 according to NASS. That is a 245 on the Brugler500 index, compared to 256 at the end of Jan. In TX, winter wheat was 17% headed and rated 19% good/ex, or 249 on the Brugler500 scale. Winter wheat conditions from Illinois scored a strong 391 on the Brugler500, with 82% good/ex and 1% poor/vp. Nebraska winter wheat was at a 269 on the Brugler500 vs. 270 at the end of Jan.Â
The weekly Export Inspections data showed 591,725 MT of wheat was shipped during the week that ended 2/23. That was up from 374k MT last week and from 430k MT during the same week last year. The shipment was broken out with 215k MT of spring wheat, 195k MT of HRW, and 135k MT of white. Destinations were spread out with over 50k MT shipped to Iraq, Japan, South Korea, Mexico, and the Philippines. The USDA had 15.252 MMT of accumulated wheat exports, trailing last year’s pace by 258k MT through 2/23.Â
Iraq reportedly booked 250k MT of wheat from Australia after a restricted international tender. Turkey’s TMO issued an international tender for 790k MT of wheat. Jordan is seeking 120k MT via tender.Â
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Mar 23 CBOT Wheat  closed at $6.96, down 12 1/4 cents, currently down 3 cents
May 23 CBOT Wheat  closed at $7.10, down 11 3/4 cents, currently down 1 1/2 cents
Cash SRW Wheat  was $6.40, down 12 1/4 cents,
Mar 23 KCBT Wheat  closed at $8.23, down 18 3/4 cents, currently UNCH
Cash HRW Wheat  was $7.83 3/8, down 18 1/4 cents,
Mar 23 MGEX Wheat  closed at $8.69 1/2, down 16 cents, currently down 3 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.
