Wheat Futures Fade on Tuesday

Wheat futures saw double digit pullbacks on Tuesday. For SRW the board was 8 to 11 ½ cents lower, and that pulled the July contract back to the Bollinger midline. KC futures were 9 ¾ to 12 ¼ cents lower across the front months, with July HRW near its Bollinger midline as well. Nearby spring wheat futures closed with double digit losses of as much as 1.9%. French Milling Wheat Futures continued their fade with another 1.7% loss for Tuesday, following the rally from 175 euros/MT to 210 euros/MT for the month. 

NASS State reports had TX wheat conditions with a 343 when converted to the Brugler500 Index, from 329 last week. KS winter wheat was 7% jointed as of 3/24, with conditions at  343 on the Brugler500 Index. That is down from 347 last week. In OK, wheat was 36% jointed and conditions improved from 343 to 360 on the Brugler500 index. Winter wheat in NE saw a shift from “Fair” to “Good” over the month since the last update, which increased conditions to a 370 on the Brugler500 Index. 

Interfax estimates Kazakhstan’s grain output between 13 and 14 MMT for 24/25, vs 16.4 MMT last year. Wheat area is estimated to be 3% below last year with 13.3m HA. 

Pre-report surveys show analysts are looking for March 1 wheat stocks to come in at 1.05 bbu on average. That would be 106 mbu larger than Mar 1 stocks last year, following a 98 mbu looser yr/yr stock pile on Dec 1. Wheat acreage is estimated at 47.3 million acres vs 49.6m last year. 

May 24 CBOT Wheat  closed at $5.43 1/2, down 11 1/2 cents,

Jul 24 CBOT Wheat  closed at $5.59 1/4, down 11 1/2 cents,

May 24 KCBT Wheat  closed at $5.77 1/4, down 12 1/4 cents,

Jul 24 KCBT Wheat  closed at $5.74, down 11 1/2 cents,

May 24 MGEX Wheat  closed at $6.47 1/4, down 12 1/4 cents,