Wheats Drop on Wednesday

The domestic wheat market ended the midweek session with double digit drops. Chicago SRW futures ended the session with 10 1/4 to 14 cent drops. KC HRW ended the session with 13 1/4 to 16 3/4 cent losses. MPLS wheat closed 6 to 7 cents in the red. 

NOAA’s 7-day QPF shows anticipated precip accumulations of as much as 2” in N.E. TX. Eastern OK will get 1” of water equivalent precip, as Kansas is forecasted for between 1/10th and 1/2”. That amounts to as much as 6” of snowfall at the high end. In SRW territory, Northern Illinois has already received 4-8” of snowfall, with the 7-day QPF calling for +2” of accumulated water equivalent through OH. 

Going into the weekly Export Sales report, analysts surveyed expect to see between 200,000 and 675,000 MT of wheat sales from the week that ended 1/27. Forward sales from the same week are estimated to be below 200k MT from the same week. Japan’s MOA is tendering for 53,957 MT of wheat to be sourced from the U.S., Canada, and Australia. 

Mar 22 CBOT Wheat  closed at $7.55, down 14 cents,

Cash SRW Wheat  was $7.15 7/8, down 14 1/2 cents,

Mar 22 KCBT Wheat  closed at $7.69 1/2, down 16 3/4 cents,

Cash HRW Wheat  was $7.52 1/4, down 16 1/2 cents,

Mar 22 MGEX Wheat  closed at $9.08, down 7 cents,