After the Turnaround Tuesday set the board back to the red, futures are looking to start the midweek session with 5 to 8 cent gains across the domestic market. Morning quotes are 7 to 8 ¾ cents higher for SRW, 6 to 9 cents higher for HRW, and 2 to 6 ¼ cents stronger for HRS.
KC futures led the way lower on Tuesday with 2% losses across the front months. SRW closed 5 to 7 cents weaker on the day. Chicago traded at the highest price since October 27, but couldn’t sustain it in the face of poor export sales and “better than last year” initial crop condition ratings. Spring wheat prices fell by 4 to 6 ½ cents on the day.
Front month Oats Futures Prices were 3.7% to 4.4% lower on the day. AM quotes are off their overnight lows, but another ¾ of a cent to 2 cents lower. May ’24 is down by 15c on thin OI.
The monthly Census data showed 1.851 MMT of wheat was shipped during September. That was a 27% increase for the month, but down by 1.2 MMT from Sep ’22.
Russian exports appear to have slowed vs. the previous week, while FOB price quotes appear to have been $2/MT higher.
Dec 23 CBOT Wheat closed at $5.70 1/4, down 5 1/2 cents, currently up 8 1/2 cents
Mar 24 CBOT Wheat closed at $5.96, down 6 1/2 cents, currently up 7 3/4 cents
Cash SRW Wheat was $4.89 1/2, down 5 1/4 cents,
Dec 23 KCBT Wheat closed at $6.32 1/2, down 13 1/4 cents, currently up 8 1/2 cents
Cash HRW Wheat was $5.64 1/1, down 12 7/8 cents,
Dec 23 MGEX Wheat closed at $7.24 1/4, down 4 1/2 cents, currently up 5 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.
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