The wheat market tried to bounce into the Wednesday day session, and morning quotes are still fractionally to 2 cents higher across the classes. Wheats attempted a Turnaround Tuesday, seeing 5 cent gains earlier in the session. Prices worked lower after through the day, and Chicago prices ended with 3 to 4 1/2 cent losses. KC HRW prices ended 4 1/4 to 7 1/4 cents in the red. MPLS was firmer and ended the day 1/4 to 2 3/4 cents in the red. March was up by 1 1/4 cents at the close.
There were 580 deliveries against March CBT wheat overnight, with ADMIS customers the main issuers and Dorman Trading clients stopping 420 of them. There were 234 contracts put out against March KC futures, with an SG Americas customer stopping all of them.
Ukrainian Black Sea grain exports were reported at 525,688 MT for the week ending 2/26. That was down from 760k MT last week and brought the total shipments under the Corridor agreement to 22.5 MMT of all grain.
NOAA’s 7-day QPF has more moisture along the TN/AR border. That system pushes some 1 – 1 3/4” rainfall equivalent into the Eastern TX / OK / KS regions. The SRW regions are forecasted at over 2”.
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.
Iraq’s 250,000 MT tender is believed to have been filled by Australia.
Mar 23 CBOT Wheat closed at $6.91 1/2, down 4 1/2 cents, currently UNCH
May 23 CBOT Wheat closed at $7.05 1/2, down 4 1/2 cents, currently up 1 cent
Cash SRW Wheat was $6.38, down 2 cents,
Mar 23 KCBT Wheat closed at $8.15 3/4, down 7 1/4 cents, currently UNCH
Cash HRW Wheat was $7.76 3/8, down 6 7/8 cents,
Mar 23 MGEX Wheat closed at $8.70 3/4, up 1 1/4 cents, currently up 1 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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