Front month wheat prices are working fractionally to 11 cents in the black so far. Chicago prices are leading the way with 2% gains for the May contract.
Census data put wheat exports at 67.9 mbu for February. That was a 27% increase for the month, but was down about 1 mbu from Feb last year. The season’s total exports reached 491 mbu through February, which remains 16% behind last year’s pace. Fourth quarter shipments will have to be about 60 mbu larger than year ago to meet the WASDE March forecast for the marketing year.
This morning’s Export Sales report showed just 16,093 MT of wheat booked in the week of 3/28. Ideas for old crop sales ran -100,000 MT to positive 400,000. New crop numbers came in at 262,000 MT, above the trade estimates of 75,000 to 250,000 MT.
Japan bought 113.5k MT of wheat in a regular MOA tender from U.S., Canada, and Australia. Jordan is tendering again for 120,000 MT of milling wheat, with offers due by April 16. They passed on a recent tender and are apparently hoping for lower prices this time.
May 24 CBOT Wheat is at $5.67 1/2, up 11 1/4 cents,
Jul 24 CBOT Wheat is at $5.82, up 10 1/2 cents,
May 24 KCBT Wheat is at $5.81 1/2, up 4 cents,
Jul 24 KCBT Wheat is at $5.78 1/4, up 5 1/4 cents,
May 24 MGEX Wheat is at $6.47, up 3/4 cent,
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.
