Wheat is trading with double digit losses past the Mar contracts. CBT futures were 2 3/4 to 5 1/2 cents lower on Friday, which left the May contract a net 13 cents lower for the week. KC wheat futures were also red on Friday, settling down by 8 to 9 1/2 cents across the front months. Spring wheat futures went into the weekend with Friday losses of 1 1/2 to 3 1/2 cents and a weekly net loss of 3 1/2 cents for the Sep contract.
There were 109 deliveries against March CBT wheat overnight, with Marex customers stopping 86.
Ahead of Wednesday’s WASDE report analysts anticipate a 5.7 mbu looser wheat carryout for the U.S. and a 2.7 mbu looser global carryout.
A private analyst in Manitoba foresees Canadian growers switching to more spring wheat acres from oats and pulses. Ukraine’s 23/24 spring season is underway, as the Ag Ministry reported 3,500 HA of spring grains were planted.
Russia’s wheat export tax for the week is set at $302.20/MT.
Mar 23 CBOT Wheat closed at $6.95 3/4, down 5 1/2 cents, currently down 3 1/2 cents
May 23 CBOT Wheat closed at $7.08 3/4, down 4 cents, currently down 12 1/4 cents
Cash SRW Wheat was $6.50 1/8, down 1/2 cent,
Mar 23 KCBT Wheat closed at $8.22 1/2, down 9 3/4 cents, currently down 15 1/2 cents
Cash HRW Wheat was $7.80 7/8, down 11 3/4 cents,
Mar 23 MGEX Wheat closed at $8.68 1/2, up 10 1/4 cents, currently down 10 3/4 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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