Wheat is showing losses across the three markets, with Chicago leading the way lower. The wheat complex was mixed on Tuesday, with hard red contracts pushing higher gains. Chicago SRW futures closed 2 to 4 cents lower on Tuesday. Open interest was down 2,498 contracts. KC HRW futures were 3 to 4 cents in the green at the close. OI was down 1,006 contracts. There were 91 deliveries issued against March KC wheat overnight. MPLS spring wheat was 3 to 4 cents higher across most contracts on Tuesday.
The next 7 days are wet for the eastern half of the Southern Plains, stretching over across most of the SRW country. The western portions of HRW country is expected to receive very little precip.
The Kansas Crop Progress report from Tuesday afternoon showed winter wheat conditions at 58% good/excellent, or 353 on the Brugler500 index. That was down from 61% gd/ex (359) in early February.
EU wheat exports have totaled 15.77 MMT from July 1 to March 1 according to the European Commission, up 1.36 MMT from the same period last year. Australia’s wheat production is estimated at 36 MMT according to ABARES. USDA’s tally from February was 37 MMT
Mar 26 CBOT Wheat closed at $5.72 1/4, down 2 1/4 cents, currently down 9 cents
May 26 CBOT Wheat closed at $5.74, down 3 1/4 cents, currently down 9 1/4 cents
Mar 26 KCBT Wheat closed at $5.70 1/2, up 3 1/2 cents, currently down 8 1/2 cents
May 26 KCBT Wheat closed at $5.78 1/4, up 3 1/2 cents, currently down 8 1/2 cents
Mar 26 MIAX Wheat closed at $6.01 1/4, up 3 3/4 cents, currently down 3 1/4 cents
May 26 MIAX Wheat closed at $6.13 1/4, up 3 1/4 cents, currently down 3 1/4 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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