Wednesday’s wheat market pulled back with double digit losses. Chicago SRW ended off the lows for the day, but still 17 to 23 cents in the red. That was enough to move the March and the new crop contracts back below the $8/bu mark, though May SRW closed at $8.00 3/4 cents. KC wheat ended 15 1/4 to 18 3/4 cents weaker. Spring wheat was the weakest with some 3% losses of more than 30 cents. New crop faded back below the $9/bu mark.
Oats Futures Prices were initially lower in tandem with the wheat market, but came back up to end 1 3/4 to 4 3/4 cents in the black.
NOAA’s 7-day QPF shows moisture moving inland from the gulf with precip topping out at 1 1/4”for the TX/OK border. Kansas will also get some moisture but accumulations are topped at 3/4” along the S.E. corner with about 1/2” accumulation for the Eastern half of the state through the next week.
Ahead of the FAS weekly Export Sales report, analysts surveyed expect wheat bookings to be reported between 200k and 600k MT. New crop sales from the week that ended 1/20 are estimated to have been less than 100k MT.
Mar 22 CBOT Wheat closed at $7.95, down 23 cents,
Cash SRW Wheat was $7.56 1/2, down 22 1/2 cents,
Mar 22 KCBT Wheat closed at $8.15 3/4, down 18 3/4 cents,
Cash HRW Wheat was $7.98 3/8, down 18 1/2 cents,
Mar 22 MGEX Wheat closed at $9.16 1/4, down 31 cents,
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