Wheat Weakens During Midweek Trade

The wheat complex continued the pressure on Wednesday. Chicago contracts closed with 9 to 14 cent losses. Kansas City futures were 6 ¾ to 10 cents lower across the board. MPL spring wheat futures saw 6 ¾ to 9 ¼ cent weakness at the close.

Traders are looking for the weekly FAS Export Sales report to show between 300k and 550k MT of wheat bookings for the week that ended 2/8. 

Russia’s SovEcon raised their estimate for 24/25 production by 1.4 MMT to 93.6 MMT. Russia’s Export Tax was raised by 11.8% to 4,058.9 rubles/MT. 

Egypt’s GASC is tendering for wheat for mid-April delivery with the deadline for offers set for tomorrow.

Mar 24 CBOT Wheat  closed at $5.85 1/2, down 12 cents, 

May 24 CBOT Wheat  closed at $5.83, down 14 cents, 

Mar 24 KCBT Wheat  closed at $5.84, down 8 1/4 cents, 

Mar 24 MGEX Wheat  closed at $6.62 1/2, down 9 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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