Wheat prices are up by 1 ½ to 5 ¼ cents so far in early Friday futures trading. Chicago wheat futures finished Thursday UNCH to 2 cents stronger across the front months. KC HRW futures were 2 to 3 ¼ cents weaker at the close. The March SRW/HRW spread now has Chicago futures at a 9 ¼ cent premium. Exporters continue to have difficulty buying enough SRW at this price level to fill the existing Chinese export contracts. That has the March/red March inverse as wide as $1.85 intraday on Thursday and also premium to the higher protein KC HRW. The July contract spread was 14 cents. Minneapolis spring wheat futures were 5 to 8 cents lower for the close. Front month Oats Futures Prices were down by 1.7% on Thursday.
The NOAA QPF has as much as 3 to 4” for the coming week in the ECB. The Southern plains will likely see no more than ¼”.
Japan purchased 115,921 MT of wheat in their weekly MOA tender, with 30,435 MT US origin and the rest split between Australia and Canada.
The weekly USDA Export Sales report is expected to show between 300k MT and 550k MT of wheat was sold during the week that ended 2/15.
Mar 24 CBOT Wheat closed at $5.83 1/4, unch, currently up 5 1/4 cents
May 24 CBOT Wheat closed at $5.79 1/4, up 1 1/4 cents, currently up 4 1/2 cents
Mar 24 KCBT Wheat closed at $5.74, down 3 1/4 cents, currently up 3 cents
Mar 24 MGEX Wheat closed at $6.51 1/4, down 8 cents, currently up 1 1/4 cents
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