Wheat Slips Lower

Wheat headed into the Tuesday close with losses across many of the contracts from three exchanges. Kansas City was down 1 ¼ to 4 ½ cents at the close. Minneapolis spring wheat contracts were 1 ½ to 10 ¾ cents in the red at midday. Chicago SRW futures are steady to down 2 ½  cents in most other contracts.

The Texas state Crop Progress report showed winter wheat ratings slipping 4% to 42% good/excellent, with the Brugler500 index down 5 points to 325. 

French soft wheat acreage is expected at 4.36 million HA (10.77 million acres) for 2024, a slight (320,000 ac) reduction from their 4.49 million HA estimate in December. If realized, it would also be 7.7% below last year. 

Japan’s Ministry of Ag is tendering for 115,035 MT of wheat from the usual 3 (US, Canada, and Australia) in this week’s tender, with 54,695 MT US specific. A South Korea feedmill group bought 60,000 MT of wheat on Tuesday.

Mar 24 CBOT Wheat  closed at $5.97 1/2, unch,

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

Mar 24 KCBT Wheat  closed at $5.94 1/2, down 4 1/4 cents,

Mar 24 MGEX Wheat  closed at $6.71 3/4, down 10 3/4 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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