Wheats Holding onto Gains through Midday

Midday wheat prices are off their highs, but still in the black. Chicago is up by 4 to 4 ½ cents so far. The hard red wheats are up by 2.3% in KC and 2.2% in Minneapolis so far with double digit gains. CME data had 318 deliveries vs March SRW, now totaling 918 for the delivery period. The oldest remaining long was 2/22. There were no new KC wheat deliveries, still totaling 66 for the month. 

Winter wheat fields in the ECB will get residual moisture from the N.E. coastal snows and the heavy Gulf rains. Southern IL through Southeastern OH are expected to get 2-2 1/2” of rainfall equivalent precip in the updated 7-day QPF from NOAA. 

Weekly wheat exports were 353,137 MT via the export inspections report. That was down from 482k MT last week and was similar to the volume during the same week last year. SRW was the bulk of the week’s export with over 115k MT of the total. Mexico was the top destination, though China was #2 with 59k MT shipped there during the week. The accumulated wheat exports reached 12.97 MMT vs 15.65 MMT at this point last year. 

Russia’s SovEcon has Feb wheat shipments at 3.8 MMT, which is up from 3 MMT last season. The 23/24 total was forecasted at 48.6 MMT, which is below USDA’s 51 MMT forecast. Ukraine’s Ag Ministry reported spring wheat planting is underway, as 800 HA were planted in the South as of 3/1. 

Mar 24 CBOT Wheat  is at $5.64, up 4 cents,

May 24 CBOT Wheat  is at $5.62 1/2, up 4 3/4 cents,

May 24 KCBT Wheat  is at $5.77 1/4, up 12 3/4 cents,

May 24 MGEX Wheat  is at $6.58 1/4, up 14 1/2 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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