Front month wheat futures were mixed as the winter wheats bounced back but spring wheat continued lower for the day. MGE wheat settled fractionally to 3 1/4 cents in the red, but the in-delivery March contract was down by 12 1/2 cents. Chicago prices gained back 4 1/4 to 5 1/2 cents on the day, but May SRW is still at a net 11 3/4 cent loss for the week. KC wheat futures went home 2 3/4 to 5 1/2 cents firmer on Wednesday.Â
The MPLS Grain Exchange reported HRS stocks at 15.622 mbu as of 2/26, that was down by 17k bushels the week prior.
Ahead of the weekly Export Sales report, analysts anticipate old crop wheat bookings were between 150k and 600k MT during the week that ended 2/23. New crop bookings are estimated to be below 100k MT.Â
The export corridor deal is set to expire on March 19th, barring successful negotiations to extend it. Russia’s Foreign Ministry stated that they do not intend to extend the deal unless their own exports see benefit to do so. Ukraine is seeking a 1 year extension. Delays in inspecting cargos at Istanbul have been a major issue due to demurrage costs.Â
Mar 23 CBOT Wheat  closed at $6.97, up 5 1/2 cents,
May 23 CBOT Wheat  closed at $7.10, up 4 1/2 cents,
Cash SRW Wheat  was $6.49, up 11 cents,
May 23 KCBT Wheat  closed at $8.16 1/4, up 3 1/2 cents,
Cash HRW Wheat  was $7.83, up 6 5/8 cents,
May 23 MGEX Wheat  closed at $8.63 1/2, down 3 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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