The wheat market is starting off Thursday with weakness, as MPLS is holding up. Wheat was in recovery mode on Wednesday with strength across the three exchanges. Chicago SRW futures were 11 to 13 cents higher on the day. KC HRW futures were up 6 to 9 cents so far across most front months. Preliminary open interest was up 10,069 contracts in KC and 10,334 contracts in CBT, showing net new buying. There were 26 deliveries against March KC wheat overnight. MPLS spring wheat was up 8 cents in the May contract, as March is thin and in deliveries.
Export Sales data is expected to show between 225,000 ad 450,000 MT of old crop wheat sales, with 0-75,000 MT for new crop.
President Trump is delaying part of the tariffs on Mexico and Canada by a month, with an exemption for auto under the condition they comply with the USMCA trade agreement. He reportedly is considering exempting certain ag products from the tariffs as well.
After a wetter past few days in parts of SRW country and the eastern half of the Plains, the next week is looking a little drier for much of KS, and portions of OK and Southern TX. Lighter precip totals are seen in parts of northern TX and southern OK, with heavier totals near the Texarkana area.
South Korean importers purchased a total of 98,200 MT of wheat from the US and Canada, with 50,000 MT US specific.
Mar 25 CBOT Wheat closed at $5.30 3/4, up 12 1/4 cents, currently unch
May 25 CBOT Wheat closed at $5.48 1/4, up 11 1/2 cents, currently down 1 ½ cents
Mar 25 KCBT Wheat closed at $5.42 1/4, down 5 1/4 cents, currently unch
May 25 KCBT Wheat closed at $5.57, up 8 1/2 cents, currently down 1 cent
Mar 25 MGEX Wheat closed at $5.72 1/2, down 3 1/2 cents, currently unch
May 25 MGEX Wheat closed at $5.88, up 8 cents, currently up 1 ½ 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.
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