The last trade day of the week before the long Easter weekend is set to begin the day portion with weaker SRW and stronger hard red wheat contracts. The Chicago wheat futures market ended the midweek session 8 1/4 to 9 1/4 cents lower. For May that was 7 cents off the day’s low. The hard reds ended with double digit losses. KC wheat prices were down by 11 to 14 3/4 cents while MGE wheat settled 15 to 16 cents in the red. September MPLS wheat closed only a penny off its low for the day.
Ahead of the weekly Export Sales report, traders are looking for between 100k and 300k MT of old crop wheat business. New crop sales are expected below 250k MT.
Monthly Census data showed 68.77 mbu of wheat exports for Feb. That was a 5% boost from January’s export and was 1% higher than Feb ’22. The full season total remains 2.7% behind last year’s pace with 591.5 mbu shipped.
Egypt is in the market for wheat, with offers due April 6th for delivery May 10-31.
May 23 CBOT Wheat closed at $6.82, down 9 1/2 cents, currently down 1 1/4 cents
Jul 23 CBOT Wheat closed at $6.94 3/4, down 9 1/4 cents, currently down 1 cents
Cash SRW Wheat was $6.25 1/1, down 9 3/8 cents,
May 23 KCBT Wheat closed at $8.61 1/2, down 11 cents, currently up 4 1/4 cents
Cash HRW Wheat was $8.21 1/2, down 12 3/8 cents,
May 23 MGEX Wheat closed at $8.73 1/2, down 16 cents, currently up 6 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.
/Micron%20Technology%20Inc_billboard-by%20Poetra_RH%20via%20Shutterstock.jpg)
/Netflix%20open%20on%20tablet%20by%20rswebsols%20via%20Pixabay.jpg)
/Tesla%20Inc%20logo%20by-%20baileystock%20via%20iStock(1).jpg)