Wheat is trading with losses across the three exchanges on Wednesday, with contracts down 5 to 8 cents. Chicago SRW futures are down 6 to 7 cents on the day. KC HRW contracts are trading with contracts down 5 to 6 cents. MPLS spring wheat futures are 7 to 9 cents in the red on the session.
A couple private import purchases were made by South Korean importers overnight, totaling 125,000 MT, with at least 60,000 expected to be US origin.
Ahead of the Winter Wheat Seedings report on Friday, the trade is expecting USDA to show all winter wheat acreage at 33.366 million acres, down 24,000 acres from last year if realized. HRW is expected to be 23.73 million, with SRW at 6.14 million acres and white at 3.49 million acres.
The weekly Export Sales report is delayed until Friday as the government offices will be closed Thursday off due to former President Carter’s funeral. The markets will be closing at 12:15 pm CST on Thursday. The CME is planning to begin offering Hard Red Spring wheat futures and options, pending regulatory approval, in early quarter 2 of this year.
Mar 25 CBOT Wheat is at $5.35 3/4, down 6 3/4 cents,
May 25 CBOT Wheat is at $5.48 1/4, down 6 1/4 cents,
Mar 25 KCBT Wheat is at $5.50 1/4, down 5 1/2 cents,
May 25 KCBT Wheat is at $5.59, down 5 1/2 cents,
Mar 25 MGEX Wheat is at $5.86 1/2, down 8 1/4 cents,
May 25 MGEX Wheat is at $5.95, down 7 3/4 cents,
On the date of publication, Austin Schroeder 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.
