Following the announced export sale cancelation, the SRW wheat futures ended Thursday’s session fractionally to 2 ½ cents weaker. KC prices stayed in the black and rallied as much as 18 ½ cents. Spring wheat futures were also higher across the front months, going home up by 9 ¾ cents.
USDA reported that Chinese buyers cancelled 130k MT of SRW purchases.
The weekly data showed 271,130 MT of wheat was booked during the week that ended 2/29. That was down from 327k MT the week prior but was similar to the same volume last year. Of the week’s business, FAS showed over half of the total was HRS. HRS now accounts for 34% of the total old crop commitments. Meanwhile, HRW represents 18%, SRW represents 25%, and white wheat commitments make up 21% of the 667.4 mbu total.
The monthly Census data showed 1.45 MMT of wheat was shipped during January. That was an 18.4% loss yr/yr.
Egypt’s GASC canceled their tender for wheat, implying high prices. Wire sources showed Algeria booked between 850k and 900k MT of milling wheat. Ukraine’s March grain shipments were already 774k MT according to Ministry data. That compared to 641k MT during last year’s pace. Feb’s total was 5.8 MMT at +11.5% vs last year.
Mar 24 CBOT Wheat closed at $5.20 3/4, down 1/2 cent,
May 24 CBOT Wheat closed at $5.28 1/2, down 2 1/2 cents,
May 24 KCBT Wheat closed at $5.74 3/4, up 18 1/2 cents,
May 24 MGEX Wheat closed at $6.54 3/4, up 9 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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