Wheat Extends Sell Off Overnight

Going into the Export Sales report, all three US wheat markets are lower, by 3 to 7 cents per bushel. The Wednesday session ended with double digit drops in the winter wheat contracts. 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. 

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. Results are expected this morning.

Mar 22 CBOT Wheat  closed at $7.55, down 14 cents, down 7 ½ this morning

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

Mar 22 KCBT Wheat  closed at $7.69 1/2, down 16 3/4 cents, down 7 ¼ this morning

Cash HRW Wheat  was $7.52 ¼ on Wednesday, down 16 1/2 cents,

Mar 22 MGEX Wheat  closed at $9.08, down 7 cents, and are down 4 ¼ this morning