Wheat Volatility Continues through Mondays Midday

CBT SRW prices are trading with midday gains of 60 1/4 to 64 1/4 cents – with futures above the $9/bu mark through Sep ’22. Russia/Ukraine negotiations appear to have gone nowhere, and Ukraine has mined some harbors to prevent Russian troops entering directly into the ports. March SRW is up 79 1/4 cents through the delivery process. KC wheat is also up 71 1/4 cents in the March contract and 55 1/2 to 62 cents in the other nearbys. MGE HRS futures are trading with midday gains of 3.7% to 4.4% with May just under the $10 mark for midday. 

USDA’s weekly Export Inspections data showed 406,138 MT of wheat was shipped during the week that ended 2/24. That was down from 570,859 MT last week but was 63k MT above the same week last year. The full season’s export reached 1.585 MMT (569 mbu), or 70% of the USDA forecasted total. MYTD shipments still trail last year’s pace by 2.66 MMT (97.7 mbu) – compared to the forecasted 182 mbu decline. 

Egypt’s GASC issued a new tender for wheat, though canceled the tender after 3 offers (French and U.S.) were not to their liking. 

Mar 22 CBOT Wheat  is at $9.22 1/4, up 79 1/4 cents,

Cash SRW Wheat  is at $8.91 1/4, up 76 3/4 cents,

Mar 22 KCBT Wheat  is at $9.58, up 71 1/4 cents,

Cash HRW Wheat  is at $9.26 5/8, up 64 3/4 cents,

Mar 22 MGEX Wheat  is at $9.93, up 40 3/4 cents,