CBT Wheat Flips Back to Net Losses for Week’s Move

After finishing the midweek trading session with more than 1% losses, the domestic wheat market is now mixed on the weekly charts. Chicago futures were down by 6 ¼ to 15 cents on the day leaving the May contract at a net weekly 2 ½ cent loss. HRW futures settled the session with 4 ¾ to 6 cent losses, though the May contract is still a net 26 ¾ cents higher for the week’s move so far. Spring wheat futures were 5 ¾ to 7 cents lower on the day, though May is still a dime higher on the weekly chart. 

Analysts are looking for wheat export sales to be reported between 200k MT and 500k MT for the week of 2/22. New crop wheat sales are estimated below 100k MT. 

Texas wildfires have reached a total of 850k acres in the panhandle with the so-called smokehouse creek wild fire at 500k acres alone. The panhandle is typical wheat and cattle pasture ground, though only preliminary assumptions for crop damage are available. 

Wire sources had South Korea as buying 172.3k MT of wheat from U.S., Canada, from Australia. 

 

Mar 24 CBOT Wheat  closed at $5.71, down 15 cents,

May 24 CBOT Wheat  closed at $5.74 3/4, down 9 1/2 cents,

Mar 24 KCBT Wheat  closed at $5.95 1/2, up 2 cents,

Mar 24 MGEX Wheat  closed at $6.51 3/4, down 7 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.