The three US wheat futures markets are down by double digits so far in early Monday trading. Wheat ended Friday with gains of more than 1%. Chicago futures settled up by 8 3/4 to 11 1/2 cents on Friday, with May rallying 31 1/4 cents for the week. KC HRW futures were 11 3/4 to 16 cents higher across the front months at the bell. For May that was a weekly gain of 37 1/2 cents. Minneapolis spring wheat futures were 8 3/4 to 11 3/4 cents higher at the bell on Friday, completing the week with a 36 1/4 cent gain for May.
The Black Sea Export Corridors deal has been extended for 120 days as per the existing agreement. Russia had been positioning itself for a 60-day extension, and it unclear if they will violate the agreement after the 60 days. It may depend on this week’s joint meeting with China, or the status of any Ukrainian spring offensive 60 days from now.
May 23 CBOT Wheat closed at $7.10 1/2, up 11 1/2 cents, currently down 10 3/4 cents
Jul 23 CBOT Wheat closed at $7.19 1/2, up 10 1/2 cents, currently down 10 1/2 cents
Cash SRW Wheat was $6.57 3/4, up 11 1/2 cents,
May 23 KCBT Wheat closed at $8.35 3/4, up 16 cents, currently down 8 1/2 cents
Cash HRW Wheat was $7.97 1/4, up 16 cents,
May 23 MGEX Wheat closed at $8.60 3/4, up 11 3/4 cents, currently down 8 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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