Wheats Drop Double Digits

The CBT wheat futures market ended 12 1/2 to 13 1/2 cents lower. That sent the May contract to the lowest prints since September of 2021. KC wheat futures gave back 16 1/2 to 18 1/2 cents to start the week. That brought the front months through Sep below the $8 mark. Spring wheat futures ended the session 8 1/2 to 10 cents lower. 

Crop Progress data from NASS had KS wheat ratings at 17% good/ex for a Brugler500 score of 238. Last week was 245 on the Brugler500. Winter wheat was 19% headed in TX as of 3/5, 9% points ahead of the average pace. Conditions were converted to a Brugler500 score of 249, even with last week. In OK conditions were 278 on the Brugler500 index, from 273 last week.

Weekly wheat exports were shown as 268,136 MT according to Inspections data. Mexico was the top destination with 84k MT, followed by 68k MT to China. The accumulated wheat export was 15.582 MMT as of 3/2, compared to 15.913 MMT last season. 

Poland and Ukraine agreed to terms for Ukrainian grain shipments through Polish ports. The deal, separate from the Black Sea corridors, will go into effect 3/8. Turkey’s Foreign Minister announced Turkey is working to renew the export corridor deal.

China’s economic planner announced a goal to boost ag production by 10 MMT to 650 across all crops. 

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. 

Mar 23 CBOT Wheat  closed at $6.82 1/2, down 13 1/4 cents,

May 23 CBOT Wheat  closed at $6.95 1/4, down 13 1/2 cents,

Cash SRW Wheat  was $6.37 5/8, down 13 1/2 cents,

May 23 KCBT Wheat  closed at $7.97 3/4, down 18 1/2 cents,

Cash HRW Wheat  was $7.61 3/8, down 18 1/2 cents,

May 23 MGEX Wheat  closed at $8.62 3/4, down 10 cents,