Wheat futures are a nickel off their overnight lows so far this morning, but are still fractionally to 2 cents weaker into Friday’s day session. Nearby wheat prices gave back all of their initial gains and flipped net red through Thursday’s midday. The afternoon action firmed the board back up, to finish the day 1 ¾ to 2 cents higher in Chicago, 1 ¼ to 2 ½ cents higher in KC, and fractionally to 1 ½ cents higher in Minneapolis.
USDA’s FAS reported 176k MT of wheat was sold for export during the week that ended 3/14. Of that, old crop bookings were a net reduction of 109k MT, including a known (announced under the daily system) 264k MT cancellation from China, while new crop bookings were 286k MT. Old crop sales still on the books for China total 29 million bushels. The new crop sales were above estimates and brought the forward book to 803k MT, or 20% ahead of forward sales at the same time last year. Old crop commitments remain 3% ahead of last year’s pace with 18.4 MMT on the books.
Japan booked 221k MT of wheat via a regular MOA tender, with 113k MT to be U.S. origin.
May 24 CBOT Wheat closed at $5.46 3/4, up 1 3/4 cents, currently down 1 cent
Jul 24 CBOT Wheat closed at $5.62, up 1 3/4 cents, currently down 1 cent
May 24 KCBT Wheat closed at $5.81 3/4, up 1 1/4 cents, currently down 3 1/4 cents
Jul 24 KCBT Wheat closed at $5.75 1/2, up 1 3/4 cents, currently down 2 1/4 cents
May 24 MGEX Wheat closed at $6.56 1/2, up 1 1/2 cents, currently up 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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