Wheats Fading through Friday
Front month wheat futures are weaker through midday. KC is leading the way lower with 6 ¼ to 9 cent losses so far. CBT prices are 2 to 3 ½ cents lower. Spring wheat prices are currently 3 to 5 ½ cents in the red.
Strategie Grains estimated EU wheat output at 121.6 MMT for the 24/25 crop. That was a 1 MMT cut citing excessive rains.
USDA’s weekly Export Sales data had 83,804 MT of wheat sold during the week that ended 3/7. Japan booked 114.3k MT of wheat via a regular tender from U.S., Canada, and Australia.
IKAR expects Russian wheat output for 24/25 to reach 93 MMT and exports for 24/25 to total 50 MMT.
May 24 CBOT Wheat is at $5.29 3/4, down 2 1/2 cents,
Jul 24 CBOT Wheat is at $5.45, down 2 1/4 cents,
May 24 KCBT Wheat is at $5.67 1/2, down 7 1/4 cents,
Jul 24 KCBT Wheat is at $5.61 1/2, down 6 1/2 cents,
May 24 MGEX Wheat is at $6.50 1/2, down 4 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.
