Wheat Holding in Red for Midday

Front month wheat futures are trading weaker to start the new month of trading. Chicago prices are the firmest with 4 to 5 cent losses of as much as 0.7%. Spring wheat prices in Minneapolis are down by as much as a dime with 1.1% to 1.5% losses so far. KC wheat is trading double digits weaker leading the way lower through Monday with losses of over 2%. in the US are starting the new week and the new month with losses. 

CFTC data from Friday showed managed money increasing their net short in CBT wheat by 11,532 contracts to 92,102 as of March 26. In Kansas City, they were busy adding 4,781 contracts to their net short at 42,638 by last Tuesday.

Wire sources had Saudi Arabia’s GFSA booking 595k MT of wheat via tender. 

The weekly Export Inspections had wheat shipments at 499k MT for the week of 3/28. That was up 66k MT from last week and compared to just 168k MT during the same week last year. Total shipments for the season reached 14.78 MMT, still a 2.08 MMT lag from last year.

The annual Prospective plantings data showed winter wheat area totaled 34.135 million acres, compared to the 34.7 million assumed going in. Total wheat area was 47.498 million acres vs 49.575 million planted last year and 47.3 million expected. Other spring area was surveyed at 11.335 million acres, which was up 135,000 yr/yr and above the average estimate. 

The quarterly wheat count came in at 1.087 bbu as of March 1st, which included 272 mbu on farm and 816 mbu off farm. The trade was looking for wheat stocks around 1.05 bbu vs 941 million last year. Q3 use was down 38 mbu from last year with 333 million used.

May 24 CBOT Wheat  is at $5.56, down 4 1/4 cents,

Jul 24 CBOT Wheat  is at $5.71 1/2, down 4 1/4 cents,

May 24 KCBT Wheat  is at $5.72 1/4, down 13 cents,

Jul 24 KCBT Wheat  is at $5.67 1/4, down 12 1/2 cents,

May 24 MGEX Wheat  is at $6.34 1/2, down 10 1/2 cents,