Wheat is trading with gains across the three markets on Wednesday morning led by double digit gains in KC. The wheat complex saw double digit losses across the three exchanges. Chicago SRW futures were 12 to 13 cents lower on Tuesday. KC HRW futures posted 11 cent losses across the nearbys. MPLS spring wheat closed with 11 to 12 cent losses on Tuesday. Crude oil was down $8.38 on the day, though they did bounce $8 off the low on reports that Iran was placing mines in the waterway. They are back up $3.63 this morning.
USDA WASDE data from this morning showed no changes to the US balance sheet, as US stocks were left at 931 mbu. The US cash average price was raise by a nickel to $4.95. World ending stocks saw a 0.55 MMT cut to 276.96 MMT, as Argentina stocks were down 1 MMT on a higher export number. Russian exports were trimmed by 0.5 MMT, as well as a 1 MMT cut to EU exports (shifted to 1 MMT increase in feed).
EU soft wheat exports were tallied at 16.5 MMT according to the European Commission from July 1 to March 8, up 1.4 MMT from the same period last year. Algeria purchased an estimated 150,000 - 200,000 MT of wheat on Tuesday.
A South Korean tender saw 32,000 MT of wheat purchased from the US overnight. Taiwan issued a tender for 105,020 MT of US wheat overnight.
Mar 26 CBOT Wheat closed at $5.84 3/4, down 13 1/4 cents, currently unch
May 26 CBOT Wheat closed at $5.91, down 12 1/4 cents, currently up 9 3/4 cents
Mar 26 KCBT Wheat closed at $5.96 3/4, down 11 cents, currently unch
May 26 KCBT Wheat closed at $6.08 3/4, down 11 cents, currently up 12 1/4 cents
Mar 26 MIAX Wheat closed at $6.22 1/4, down 12 1/4 cents, currently unch
May 26 MIAX Wheat closed at $6.35, down 11 cents, currently up 6 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.
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