The wheat complex is starting 1 to 3 cents weaker so far for the last day of the month. Chicago futures were down by 6 ¼ to 15 cents on the day leaving the May contract at a net weekly 2 ½ cent loss. HRW futures settled the session with 4 ¾ to 6 cent losses, though the May contract is still a net 26 ¾ cents higher for the week’s move so far. Spring wheat futures were 5 ¾ to 7 cents lower on the day, though May is still a dime higher on the weekly chart. There were 56 delivery notices issued for March KC wheat futures on first notice day. For Chicago wheat, there were 484 delivery notices.
Analysts are looking for wheat export sales to be reported between 200k MT and 500k MT for the week of 2/22. New crop wheat sales are estimated below 100k MT.
Wildfires stretching across parts of the TX panhandle and into OK have reached a total of 850k acres, with the largest fire at 500k acres alone. The panhandle is typical wheat and pasture ground, though very few reports of crop damage are known at this point.
Mar 24 CBOT Wheat closed at $5.71, down 15 cents, currently down 1 3/4 cents
May 24 CBOT Wheat closed at $5.74 3/4, down 9 1/2 cents, currently down 3 1/2 cents
Mar 24 KCBT Wheat closed at $5.95 1/2, up 2 cents, currently down 1 1/2 cents
Mar 24 MGEX Wheat closed at $6.51 3/4, down 7 cents, currently down 2 3/4 cents
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