Wheat Closed Mixed with SRW Further Reducing the Spread
Chicago wheat closed higher on Friday with front month gains of 2 ½ to 3 ¾ cents. The Har wheat futures were fractionally weaker in Minneapolis and ¾ to 3 ¾ cents weaker in KC. That left the SRW contract with a net weekly loss of 13 cents, compared to the 19 ¾ cent loss for HRW.
Export Sales data showed 322,702 MT of wheat was sold during the week that ended 12/14. Total wheat commitments sit at 14.53 MMT (546 mbu), which is 2.9% ahead of last year’s pace and 75% of the WASDE full year forecast. By class, HRW commitments sit at 64% of their forecasted export total, SRW @ 89%, HRS @ 77%, white @ 71%, and the 13.3 mbu of durum commitments are 53% of the 25 mbu forecast.
Pakistan issued an international tender for 110k MT. Thailand is tendering for 193k MT of feed wheat.
Mar 24 CBOT Wheat closed at $6.16 1/4, up 3 3/4 cents,
May 24 CBOT Wheat closed at $6.27 1/2, up 3 1/2 cents,
Mar 24 KCBT Wheat closed at $6.23, down 3 3/4 cents,
Mar 24 MGEX Wheat closed at $7.14 1/4, down 0 cent,
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.
