Wheat Red into Friday’s Day Trade
Morning wheat quotes are working off their overnight lows, but are still down by 5 to 10 cents in the nearbys. CBT SRW futures ended the Thursday session with 1 1/4 to 3 1/2 cent gains. The hard reds fell some on the day, with KC wheat giving back 1/4 to 3 1/2 cents and MGE wheats closing fractionally lower.
The weekly Export Sales report showed 136k MT of wheat sales for the week that ended 1/26. That was below estimates, and was a 3-week low. New crop bookings were 32,460 MT for the week for a total forward book of 290,977 MT.
Traders estimate StatsCan will report wheat stocks at 22.3 MMT as of Dec 31. The lowest estimate is for 21.2 MMT, and the highest estimate is for 23.2 MMT, compared to last year’s 16.798 wheat stock.
Mar 23 CBOT Wheat closed at $7.61, up 1 1/4 cents, currently down 5 1/4 cents
May 23 CBOT Wheat closed at $7.72, up 1 1/2 cents, currently down 6 1/2 cents
Cash SRW Wheat was $7.00 1/4, up 1 7/8 cents,
Mar 23 KCBT Wheat closed at $8.80 3/4, down 3 1/2 cents, currently down 10 1/2 cents
Cash HRW Wheat was $8.47 1/1, down 2 3/4 cents,
Mar 23 MGEX Wheat closed at $9.24 3/4, down 1 1/4 cents, currently down 10 cents
On the date of publication, Alan Brugler 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.
