Wheat Futures Fall Into New Month

With April’s trade underway, wheat futures closed ~10 cents off their lows in Chicago but still 3 cents in the red. KC wheat futures fell by double digits in some contracts on 1.2% to 1.6% losses across the front months. MGE wheat futures ended the day 8 to 10 cents weaker. 

NASS issued the national Crop Progress report as of 3/31, showing 4% of the winter wheat crop was headed as of 3/31. The average would be 2% for the first national report. Initial winter wheat conditions were shown at 56% good/ex for a 348 on the Brugler500 Index. That compares to a 279 on the Brugler500 last year. The spring wheat planting was shown at 1% finished nationally, with WA at 10% and ID at 8% planted. 

Wire sources had Saudi Arabia’s GFSA booking 595k MT of wheat via tender. 

The weekly Export Inspections had wheat shipments at 499k MT for the week of 3/28. That was up 66k MT from last week and compared to just 168k MT during the same week last year. Total shipments for the season reached 14.78 MMT, still a 2.08 MMT lag from last year.

 

May 24 CBOT Wheat  closed at $5.57, down 3 1/4 cents 

Jul 24 CBOT Wheat  closed at $5.72 3/4, down 3 cents

May 24 KCBT Wheat  closed at $5.75 1/2, down 9 3/4 cents

Jul 24 KCBT Wheat  closed at $5.71, down 8 3/4 cents

May 24 MGEX Wheat  closed at $6.34 3/4, down 10 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.

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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