SRW Held Firm on Thursday Pullback
Chicago wheat futures finished the day UNHC to 2 cents stronger across the front months. KC HRW futures were 2 to 3 ¼ cents weaker at the close. The March HRW/SRW spread now has Chicago futures at a 9 ¼ cent premium for the settle. The July contract spread was 14 cents. Minneapolis spring wheat futures were 5 to 8 cents lower for the close. Front month Oats Futures Prices were down by 1.7% on Thursday.
The NOAA QPF has as much as 3 to 4” for the coming week in the ECB. The Southern plains will miss out with no more than ¼”.
The weekly Export Sales report is expected to show between 300k MT and 550k MT of wheat was sold during the week that ended 2/15.
The weekly Crop Progress report from TX showed winter wheat was 15% headed as of 2/18, compared to 11% on average. Conditions were 40% G/E for a Brugler500 score of 319. KS, OK, and a handful of other states will issue a Feb summary update for the week of 2/25.
Japan issued a regular tender seeking 116k MT of wheat from U.S., Canada, and Australia. Results are expected today.
Mar 24 CBOT Wheat closed at $5.83 1/4, unch,
May 24 CBOT Wheat closed at $5.79 1/4, up 1 1/4 cents,
Mar 24 KCBT Wheat closed at $5.74, down 3 1/4 cents,
Mar 24 MGEX Wheat closed at $6.51 1/4, down 8 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.
