Limit Losses for Wheat

Following news of ceasefire talks, the wheat markets turned south. Futures are locked limit lower for the lead contracts across all classes, despite said talks not amounting to any agreement. May SRW is trading with just an extra penny lower synthetically. KC wheat markets are 78 to 44 cents in the red past the lock limit loss in May. May HRW is off the limit synthetically, with 1080 options going for a $10.76 board price equivalent. Spring wheat futures are 42 1/4 to 57 cents red, past May’s limit 60 cent loss. 

Turkey’s TMO is seeking 270k MT of milling wheat via tender. Bangladesh is also looking for 50k MT. Jordan is on the market for a 120k MT optional origin tender of milling wheat. Japan’s MAFF is doing an 80k MT wheat SBS (simultaneous buy (international) and sell (domestic)) auction for Aug 25 delivery. Japan’s regular tender is for 104,483 MT of wheat form the U.S., Canada, and Australia. 

The EU wheat shipments were at 19.1 MMT through March 13, that is 1.4% behind last year’s pace. Algeria and China were the top destinations. 

May 22 CBOT Wheat  is at $10.69 1/4, down 85 cents,

Cash SRW Wheat  is at $9.62 1/2, down 78 3/8 cents,

May 22 KCBT Wheat  is at $10.74, down 83 1/2 cents,

Cash HRW Wheat  is at $9.94 1/4, down 83 1/8 cents,

May 22 MGEX Wheat  is at $10.50 1/4, down 60 cents,