The winter wheat futures ended the session in the black, with CBT SRW going home 2 1/4 to 3 cents higher and KC HRW going home up by 1 1/2 cents. Spring wheat futures faded on Tuesday and settled 7 1/4 to 10 cents lower across the front months. For May HRS that was within 11 cents of the contract low.Â
Ukraine’s President and UN’s Secretary General are set to meet tomorrow regarding the Black Sea export corridors – as the deal is set to expire on 3/18.Â
Trader estimates going into the monthly WASDE report are to see a U.S. carryout of 573.7 mbu and a global carryout of 269.3 MMT. If realized, that would be a 5.7 mbu increase for the U.S. and a 100k MT cut globally.Â
Australia’s ABARES estimated the wheat crop at 39.2 MMT, up from their 36.6 MMT prior estimate, a new record output. Russia’s IFX reported 40 MMT of grain exports for the 22/23 MYTD. Their full year forecast remains 55 - 60 MMT for all grain.Â
Japan’s MAFF is on the market for 80,570 MT of wheat from the U.S. and Canada via a regular tender.Â
Mar 23 CBOT Wheat  closed at $6.84 3/4, down 11 cents,
May 23 CBOT Wheat  closed at $6.98, up 2 3/4 cents,
Cash SRW Wheat  was $6.42, up 5 1/2 cents,
May 23 KCBT Wheat  closed at $7.99 1/4, up 1 1/2 cents,
Cash HRW Wheat  was $7.63 3/4, up 1 3/8 cents,
May 23 MGEX Wheat  closed at $8.52 3/4, down 10 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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