After trading mixed through the midday portion, the afternoon wheat market rallied into the close. Chicago futures closed UNCH to 6 ½ cents higher. The May SRW contract was at a net 17 ¾ cent loss for the month’s move. KC futures closed Thursday 3 ¾ to 7 ¼ cents higher, leading May’s Feb move to a net 33 cent loss. MGE futures were 2 to 12 cents higher on Thursday, with May 39 cents weaker for the month.
There were 56 delivery notices issued for March KC wheat futures on first notice day. For Chicago wheat, there were 484 delivery notices.
The week’s Export Sales data had 327.3k MT sold for the week of 2/22. That was up 40% for the week and was 15% above the same week last year. Traders were looking for between 200k and 500k MT going into the data release. Total commitments sat at 18.16 MMT, which is 6% ahead of last year’s pace and includes 6 MMT of HRS, 4.6 MMT of SRW, 3.7 MMT of white and 3.3 MMT of HRW.
Wildfires stretching across parts of the TX panhandle and into OK have reached a total of 850k acres, with the largest fire at 500k acres alone. The panhandle is typical wheat and pasture ground, though very few reports of crop damage are known at this point.
Mar 24 CBOT Wheat closed at $5.77 1/2, up 6 1/2 cents,
May 24 CBOT Wheat closed at $5.76 1/4, up 1 1/2 cents,
May 24 KCBT Wheat closed at $5.87 1/4, up 6 1/4 cents,
May 24 MGEX Wheat closed at $6.59, up 3 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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