The wheat market continued lower on Wednesday, and SRW led the way down. The front month CBT futures closed with double digit losses of as much as 2.9%. KC wheat dropped ~1%, with 7 1/2 to 9 cent losses on the day. Spring wheat futures closed 8 to 12 cents in the red.
Analysts surveyed for the weekly USDA Export Sales report expect between 140k MT and 555k MT of old crop wheat was sold during the week that ended 3/16. New crop sales are estimated to come in between 50k MT and 200k MT.
China is set to auction 140k MT of wheat from state reserves next week.
Russian grain production is forecasted 19% lower for 23/24, with 82.6 MMT of wheat output – per UkrAgroConsult.
May 23 CBOT Wheat closed at $6.63 1/2, down 19 3/4 cents,
Jul 23 CBOT Wheat closed at $6.74 3/4, down 17 3/4 cents,
Cash SRW Wheat was $6.11 5/8, down 20 1/2 cents,
May 23 KCBT Wheat closed at $8.11 1/4, down 9 cents,
Cash HRW Wheat was $7.75 1/1, down 6 3/4 cents,
May 23 MGEX Wheat closed at $8.33 3/4, down 12 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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