Wheat Pullback Continues on Wednesday AM Trade

The wheat market is posting losses across the three exchange on Wednesday morning. Wheat posted losses across the three market on Tuesday, failing to show any follow-through on some bull friendly USDA data. Chicago SRW futures were down 1 to 2 ½ cents at the close. KC HRW futures faced some weakness, with contracts 4 to 5 lower on the session. MPLS spring wheat was 5 to 7 cents in the red in the nearbys at the close.

USDA’s WASDE report from Tuesday morning showed a 4 mbu cut to the US carryout projection at 794 mbu. That was due to an increase in the food use category by the same amount.  On the world side, the WAOB trimmed the world stocks total by 1.26 MMT to 257.56 MMT.  

The European Commission shows the EU exports at 13 MMT from July 1 to February 9. That lags the 20.37 MMT from the same week last year. The FrenaceAgriMer estimates the Frenceh soft wheat exports at3.4 MMT outside of the EU, down 0.1 MMT from last month. That was shifted to exports within the EU, up to 6.24 MMT. 

A South Korea importer issued a tender to buy 115,000 MT of feed wheat, with the tender to close on Wednesday. Japan’s weekly tender is due on Thursday, with 123,979 MT sought from the US, Australia, and Canada, and 34,026 MT US specific.

Mar 25 CBOT Wheat  closed at $5.77, down 2 1/2 cents, currently down 3 cents

May 25 CBOT Wheat  closed at $5.90, down 2 1/2 cents, currently down 3 ¾ cents

Mar 25 KCBT Wheat  closed at $5.92 3/4, down 4 cents, currently down 2 cents

May 25 KCBT Wheat  closed at $6.02 3/4, down 4 1/4 cents, currently down 2 ¼ cents

Mar 25 MGEX Wheat  closed at $6.18 1/4, down 7 cents, currently down ½ cent

May 25 MGEX Wheat  closed at $6.31 1/4, down 5 cents, currently down 2 cents