Mixed Close for Wheat Prices

Front month wheat futures were mixed at the Tuesday close. Chicago futures ended the within a penny of UNCH after May traded within a 15c range on the day. KC HRW futures were 1 ½ cents weaker in the May contracts but fractionally mixed in the other nearbys. May HRW printed a 15 cent range as well on the day. Minneapolis spring wheat futures were 2c higher, as May printed a 16 ½ cent range. 

NASS state data showed Texas winter wheat conditions were 44% good/ex for a Brugler500 score of 313, vs 319 last week. KS winter wheat conditions improved 1 point on the Brugler500 scale to 344. Oklahoma conditions were also 1 point better to 366. 

Weekly Inspections data showed 402,874 MT of wheat was exported during the week that ended 3/7. Accumulated shipments on the weekly data reached 13.37 MMT.

Stats Canada’s planting intentions report showed expected wheat acreage for 2024 at 27.05 million acres. That is slightly above a year ago and above the 26.7 million acres estimate. Durum intentions were 5.1% vs. last year, with spring wheat plans down 1.2%.

 

May 24 CBOT Wheat  closed at $5.47 1/2, up 1/4 cent,

Jul 24 CBOT Wheat  closed at $5.60 3/4, down 1/4 cent,

May 24 KCBT Wheat  closed at $5.97 1/4, down 1 1/2 cents,

Jul 24 KCBT Wheat  closed at $5.87 1/2, down 1/4 cent,

May 24 MGEX Wheat  closed at $6.72, up 2 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.

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