Wheat futures are sitting on both sides of UNCH for Feb’s bonus day. KC wheat prices are UNCH to 2 ¾ cents higher at midday, which has the March contract at a net monthly loss of 26 cents. Spring wheat futures are also mixed/mostly higher in Minneapolis, trading within 4 cents of UNCH across the front months. Chicago SRW futures are mostly weaker with losses limited to 2 cents at midday. The March contract is at a net monthly loss of 20 cents so far.
There were 56 delivery notices issued for March KC wheat futures on first notice day. For Chicago wheat, there were 484 delivery notices.
The week’s Export Sales data had 327.3k MT sold for the week of 2/22. That was up 40% for the week and was 15% above the same week last year. Traders were looking for between 200k and 500k MT going into the data release. Total commitments sat at 18.16 MMT, which is 6% ahead of last year’s pace and includes 6 MMT of HRS, 4.6 MMT of SRW, 3.7 MMT of white and 3.3 MMT of HRW.
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 is at $5.75 1/2, up 4 1/2 cents,
May 24 CBOT Wheat is at $5.74 1/4, down 1/2 cent,
May 24 KCBT Wheat is at $5.83, up 2 cents,
May 24 MGEX Wheat is at $6.55 1/4, down 3/4 cent,
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