Double Digit Pullback for Monday Wheat Market

Through midday, front month wheat futures are trading with double digit drops. SRW prices are down 23 to 27 1/2 cents. KC HRW is 21 1/2 to 23 1/4 cents in the red. Front month Minneapolis wheat futures are down 17 1/2 to 20 3/4 cents so far. 

USDA reported 361,375 MT of wheat shipments from the week that ended 1/27 in the weekly Export Inspections report. That was 12% below last week and 12.7% under the same week last year. Half of the week’s export was HRW wheat, with another 94k MT of the total as spring wheat. The weekly report listed MYTD accumulated wheat shipments as 13.592 MMT as of 1/27. That compares to 16.566 MMT through the same week last year.  

The Russian wheat export tax for the week was reported at $93.90/MT. That was down from $95.80/MT last week, but still well above the program’s $28.10/MT initiation level. 

Mar 22 CBOT Wheat  is at $7.59 1/4, down 27 cents,

Cash SRW Wheat  is at $7.18 3/4, down 29 cents,

Mar 22 KCBT Wheat  is at $7.80 1/2, down 21 3/4 cents,

Cash HRW Wheat  is at $7.63 1/4, down 21 3/4 cents,

Mar 22 MGEX Wheat  is at $9.00 3/4, down 19 1/2 cents,