Midday wheat prices are at or near their session lows with double digit losses across the domestic classes. Chicago futures are down by as much as 20 cents. KC wheat is 2.5% weaker so far. MGE wheat futures are down by 13 cents at midday.
Wire sources showed Algeria booked between 850k and 900k MT of milling wheat. Ukraine’s March grain shipments were already 774k MT according to Ministry data. That compared to 641k MT during last year’s pace. Feb’s total was 5.8 MMT at +11.5% vs last year.
Individual state reports saw crop conditions were down by 7 for TX and OK to 312 and 364, with KS down 3 to 338 on the Brugler500 scale.
Ahead of the WASDE report, trader expectations average to see USDA to tighten wheat stocks by 200k bushels to 657.8 million. That comes as some responses were for a cut of as much as 18 mbu and some were to see an increase of as much as 24 mbu. Global wheat carryout is expected to tighten by 1.3 MMT.
Mar 24 CBOT Wheat is at $5.45 3/4, down 17 3/4 cents,
May 24 CBOT Wheat is at $5.31 1/4, down 19 3/4 cents,
May 24 KCBT Wheat is at $5.53 1/2, down 15 3/4 cents,
May 24 MGEX Wheat is at $6.42 1/2, down 13 cents,
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