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Delayed Last Update

Wheat Persisting Higher at Midday

Barchart - Mon Feb 26, 12:10PM CST

Wheat firmness is sticking around to start the last week of February. Midday quotes show CBT SRW is up by as much as 6 ¾ cents. KC HRW futures are 6 ¼ to 9 ¾ cents higher across the front months. MGE wheat futures are trading 4 to 4 ¾ cents higher so far. 

Polish protestors reportedly vandalized rail cars loaded with Ukrainian grain, reportedly destroying 160 MT. Reporters mentioned this was the 4th incident, though that the other 3 had taken place at the border. 

USDA’s Export Inspections report had 481,999 MT of wheat shipments for the week that ended 2/22. That was up from 420k MT the week prior, but was down 171.3k MT from the same week last year. HRS shipments led the way with 224.5k MT of the total, with SRW making up 139.4k MT. USDA added 38k MT of HRW shipments reported late, which left the season total at 12.6 MMT through 2/22. That remains 2.7 MMT behind last year’s export pace. 

The weekly wheat export sales were 233,500 MT for the week that ended 2/15. That was below the range of estimates and down 34% from the week prior. 98.5k MT of the total were listed as HRW, which was a 5-wk high for the class. The report also had 46.6k MT of new crop wheat sales for the week. 

Mar 24 CBOT Wheat  is at $5.73, down 1/2 cent,

May 24 CBOT Wheat  is at $5.72, up 3 cents,

Mar 24 KCBT Wheat  is at $5.78, up 9 1/4 cents,

Mar 24 MGEX Wheat  is at $6.46 1/4, up 4 3/4 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.

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