Wheats Firm Up on Monday
Front month wheat futures saw double digit gains to start the week. CBT futures stayed near the highs for the close, ending the day up by 10 ¾ cents. KC futures closed 10 to 13 cents higher on the first trade day of the week. Front month spring wheat prices ended the day with 7 ¼ to 9 ½ cent gains.
NASS state data showed Texas winter wheat conditions were 44% good/ex for a Brugler500 score of 313, vs 319 last week. KS winter wheat conditions improved 1 point on the Brugler500 scale to 344. Oklahoma conditions were also 1 point better to 366.
USDA announced another cancellation of SRW previously sold to China. The 264k MT cancellation brought the total cancellations to 504k MT since Thursday – that is 38% of China’s outstanding book and is 25% of the total SRW unshipped sales.
Weekly Inspections data showed 402,874 MT of wheat was exported during the week that ended 3/7. That was a 45k MT increase for the week and was 150k MT above the same week last year. Accumulated shipments on the weekly data reached 13.37 MMT, compared to 15.9 MMT at the same time last year.
Stats Canada’s planting intentions report from this morning showed expected wheat acreage for 2024 at 27.05 million acres. That is slightly above a year ago and above the 26.7 million acres estimate. All of that increase was via durum, up 5.1% vs. last year, with spring down 1.2%.
May 24 CBOT Wheat closed at $5.47 1/4, up 9 1/2 cents,
Jul 24 CBOT Wheat closed at $5.61, up 10 3/4 cents,
May 24 KCBT Wheat closed at $5.98 3/4, up 10 cents,
Jul 24 KCBT Wheat closed at $5.87 3/4, up 13 1/2 cents,
May 24 MGEX Wheat closed at $6.70, up 7 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.
