Front month KC HRW wheat futures are up by as much as 3% so far at midday. Chicago futures are also trading higher, though midday gains are limited to 0.8%. Spring wheat futures are currently 11 ¼ cents higher with 1.7% midday gains.
USDA reported that Chinese buyers cancelled 130k MT of SRW purchases.
The weekly data showed 271,130 MT of wheat was booked during the week that ended 2/29. That was down from 327k MT the week prior but was similar to the same volume last year. Of the week’s business, FAS showed over half of the total was HRS. HRS now accounts for 34% of the total old crop commitments. Meanwhile, HRW represents 18%, SRW represents 25%, and white wheat commitments make up 21% of the 667.4 mbu total.
The monthly Census data showed 1.45 MMT of wheat was shipped during January. That was an 18.4% loss yr/yr.
Egypt’s GASC is on the market for wheat, with tender results expected later today. 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.
Mar 24 CBOT Wheat is at $5.21 1/4, down 24 1/2 cents,
May 24 CBOT Wheat is at $5.31 1/4, up 1/4 cent,
May 24 KCBT Wheat is at $5.71, up 14 3/4 cents,
May 24 MGEX Wheat is at $6.55 1/4, up 10 cents,
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