Wheat futures are down by double digits and are at their overnight lows into the midweek’s day session. After the Monday drop, wheat prices were roaring higher by more than a percent on Turnaround Tuesday. Chicago wheat ended with 2.6% gains of 15 ¾ to 16 ¼ cents. That left March with a net 6 ¼ cent loss for the week’s move. KC HRW futures closed 22 to 24 ½ cents with gains of nearly 4%. Spring wheat futures ended 17 ¾ cents higher on the day, though March was a nickel off the high for the settle.
The French Agriculture Ministry reported that farmers planted ~5% less winter wheat this go around, with 4.5m HA. That is also ~5% under the 5-yr average.
Russia is a small producer of durum wheat and is restricting exports for that class between now and June. This is presumably because exports through mid-November were over 650,000 MT compared to only about 52,000 MT a year ago.
Mar 24 CBOT Wheat closed at $6.25 1/2, up 16 cents, currently down 12 cents
May 24 CBOT Wheat closed at $6.35 1/2, up 16 1/4 cents, currently down 11 1/4 cents
Mar 24 KCBT Wheat closed at $6.56 3/4, up 24 1/2 cents, currently down 11 1/2 cents
Mar 24 MGEX Wheat closed at $7.29 1/2, up 17 3/4 cents, currently down 8 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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