
The wheat market is showing continued weakness so far at midday. Chicago SRW futures are slipping on Wednesday, with contracts down 4 to 5 cents. Kansas City HRW contracts are showing 1 to 3 cent losses in the nearby contracts at midday. MPLS spring wheat is trading with fractional to 2 cent losses across the front months.
The next week looks wet for much of SRW country, mainly coming in the weekend to early next week, with main HRW precip limited to parts of central/southern TX.
NASS will report the Mach 1 Grain Stocks data next Monday, with a Bloomberg survey of traders looking for 1.221 bbu of wheat on hand on average. The range is from 1.169 to 1.26 bbu for the March 1 total.
Japan is tendering for 119,847 MT of wheat in their weekly ministry of ag tender, due on Thursday and 59,751 MT US specific.
May 25 CBOT Wheat closed at $5.39, down 4 1/4 cents,
Jul 25 CBOT Wheat closed at $5.54 3/4, down 5 cents,
May 25 KCBT Wheat closed at $5.68 1/4, down 1 cent,
Jul 25 KCBT Wheat closed at $5.82 1/2, down 2 1/4 cents,
May 25 MGEX Wheat closed at $5.88 1/4, down 1/4 cent,
Jul 25 MGEX Wheat closed at $6.03 3/4, down 1 1/4 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.