The wheat complex is facing pressure on Wednesday, as money is coming off the table. Chicago SRW futures are falling 19 to 22 cents so far on the session. KC HRW futures are 20 to 22 ½ cents in the red on Wednesday. MPLS spring wheat was is down 17 to 18 cents at midday. Crude Oil is weaker, down $1.56 as the Middle East situation has cooled off after a post from President Trump suggested Iran is looking for a ceasefire.
Export Sales data will be released on Thursday morning, as traders are looking for between 200,000 and 500,000 MT for old crop wheat. New crop business is seen in a range of 100,00 to 300,000 MT.
March Intentions from Tuesday morning showed all wheat acres at 43.775 million acres, 0.905 million acres below trade estimates and 1.553 million below last year. Winter wheat acres were 32.41 million acres, 580,000 below the Winter Wheat Seedings report and down 743,000 from last year. Spring wheat was 428,000 acres shy of estimates and down 485,000 from a year ago at 9.415 million acres. Durum was at 1.95 million acres.
Grain Stocks data was tallied at 1.3 bbu for wheat as of March 1. That was a 63 mbu increase from a year ago but 10 mbu shy of the average trade estimate from Reuters. which would be 73 mbu above a year ago.
May 26 CBOT Wheat is at $5.95, down 21 1/4 cents,
Jul 26 CBOT Wheat is at $6.06 3/4, down 19 3/4 cents,
May 26 KCBT Wheat is at $6.13, down 22 1/2 cents,
Jul 26 KCBT Wheat is at $6.28, down 20 3/4 cents,
May 26 MIAX Wheat is at $6.41 1/4, down 17 1/4 cents,
Jul 26 MIAX Wheat is at $6.55 3/4, down 17 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
