Chicago wheat futures are trading fractionally to 2 cents stronger at midday, while the hard red wheat markets are red. KC HRW is down by 1 ¾ to 3 cents so far. MGE HRS futures are working 3 ½ to 6 ¾ cents weaker across the front months.
The NOAA QPF has as much as 3 to 4” for the coming week in the ECB. The Southern plains will miss out with no more than ¼”.
The weekly Crop Progress report from TX showed winter wheat was 15% headed as of 2/18, compared to 11% on average. Conditions were 40% G/E for a Brugler500 score of 319. KS, OK, and a handful of other states will issue a Feb summary update for the week of 2/25.
Japan issued a regular tender seeking 116k MT of wheat from U.S., Canada, and Australia. Results are expected today.
Mar 24 CBOT Wheat is at $5.83 1/2, up 1/4 cent,
May 24 CBOT Wheat is at $5.79 1/4, up 1 1/4 cents,
Mar 24 KCBT Wheat is at $5.75 1/4, down 2 cents,
Mar 24 MGEX Wheat is at $6.54, down 5 1/4 cents,
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