Wheats Fading through Midday

Front month wheat prices are down by double digits so far. SRW is down by 1.4% to 1.8%. KC HRW prices are currently 1.5% to 1.9% weaker at midday. Front month spring wheat futures are down by 1.3% to 1.7%. French Milling Wheat Futures traded at the highest price since February 7, but reversed course and settled 1.3% lower on Monday. 

NASS State reports had TX wheat conditions with a 343 when converted to the Brugler500 Index, from 329 last week. KS winter wheat was 7% jointed as of 3/24, with conditions at  343 on the Brugler500 Index. That is down from 347 last week. In OK, wheat was 36% jointed and conditions improved from 343 to 360 on the Brugler500 index. Winter wheat in NE saw a shift from “Fair” to “Good” over the month since the last update, which increased conditions to a 370 on the Brugler500 Index. 

Interfax estimates Kazakhstan’s grain output between 13 and 14 MMT for 24/25, vs 16.4 MMT last year. Wheat area is estimated to be 3% below last year with 13.3m HA. 

Pre-report surveys show analysts are looking for March 1 wheat stocks to come in at 1.05 bbu on average. That would be 106 mbu larger than Mar 1 stocks last year, following a 98 mbu looser yr/yr stock pile on Dec 1. Wheat acreage is estimated at 47.3 million acres vs 49.6m last year. 

May 24 CBOT Wheat  is at $5.44 1/2, down 10 1/2 cents,

Jul 24 CBOT Wheat  is at $5.60 1/2, down 10 1/4 cents,

May 24 KCBT Wheat  is at $5.78, down 11 1/2 cents,

Jul 24 KCBT Wheat  is at $5.74 1/2, down 11 cents,

May 24 MGEX Wheat  is at $6.48 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.