The wheat futures market is softening up after the strong start to the week. Futures are down by 3 to 5 ½ cents in Chicago, by 6 ¼ to 7 ¾ cents in KC, and by 1 ¾ to 4 cents in Minneapolis. The HRW/SRW spread has tightened to just 2 cents in the March contract.
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.
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.
Japan issued a regular tender seeking 116k MT of wheat from U.S., Canada, and Australia.
Mar 24 CBOT Wheat is at $5.79 3/4, down 3 cents,
May 24 CBOT Wheat is at $5.75 3/4, down 3 1/2 cents,
Mar 24 KCBT Wheat is at $5.77 3/4, down 8 cents,
Mar 24 MGEX Wheat is at $6.61, down 4 1/2 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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