Monday Wheat Prices Fading so far
The front month wheat futures are trading a penny to 3 ½ cents higher so far. SRW is near the lows after attempting to start the week with 12c gains. KC is down by 0.3% to 0.8% so far. Nearby MGE wheat futures are trading 0.2% to 0.5% in the red.
Weekly wheat export shipments were shown at 315,395 MT for the week that ended 3/21. That was a drop from 294.5k MT last week and was 89k MT behind the same week last year. Accumulated shipments were still 2.5 MMT behind last year’s pace with 14.167 MMT.
Pre-report surveys show analysts are looking for March 1 wheat stocks to come in at 1.05 bbu on average. The full range of ideas is from 1 billion to 1.08 billion bushels. That would be 106 mbu larger than Mar 1 stocks last year, following a 98 mbu looser yr/yr stock pile on Dec 1. Wheat acreage is estimated at 47.3 million acres vs 49.6m last year. Spring wheat is expected to be near 10.9m acres on average with ~1.7m expected for durum wheat.
May 24 CBOT Wheat closed at $5.52, down 2 3/4 cents,
Jul 24 CBOT Wheat closed at $5.68 1/4, down 1 1/4 cents,
May 24 KCBT Wheat closed at $5.88, down 2 1/2 cents,
Jul 24 KCBT Wheat closed at $5.83, down 1 3/4 cents,
May 24 MGEX Wheat closed at $6.58 3/4, down 2 1/4 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.
