The three wheat futures markets in the US are giving back 2 to 5 cents across the front months here on Wednesday morning. Wheat futures began the week with 1.5% to 3.5% gains. Chicago closed Tuesday up by as much as 22 cents, and tightened the Chi/KC spread to 3c for March. KC futures were 16 ¾ o 19 ½ cents higher at the closing bell on the first trade day of the week. Spring wheat futures finished 10 cents higher.Â
The weekly Crop Progress report from TX showed winter wheat was 15% headed as of 2/18, compared to 11% on average. Conditions were 40% G/E for a Brugler500 score of 319. KS, OK, and a handful of other states will issue a Feb summary update for the week of 2/25.Â
The weekly Export Inspections data had 380,774 MT of wheat exported for the week that ended 2/15. That was down 27k MT from the week prior, but was slightly higher vs the same week last year. Accumulated wheat shipments remain 17.5% behind last year’s pace with 12.09 MMT shipped.Â
Japan issued a regular tender seeking 116k MT of wheat from U.S., Canada, and Australia.Â
Mar 24 CBOT Wheat  closed at $5.82 3/4, up 22 1/4 cents, currently down 3 1/4 cents
May 24 CBOT Wheat  closed at $5.79 1/4, up 20 1/4 cents, currently down 3 3/4 cents
Mar 24 KCBT Wheat  closed at $5.85 3/4, up 18 1/2 cents, currently down 3 cents
Mar 24 MGEX Wheat  closed at $6.65 1/2, up 10 3/4 cents, currently down 5 1/2 cents
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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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