After beginning the week with a recovery bounce, the midweek session faded. Chicago futures ended the day off the session lows by as much as a dime, but prices were still 5 ½ to 7 cents in the red. KC wheat futures firmed off the lows by over a dime as well, but also settled 1 ¼ to 2 ¼ cents weaker for the day. MGE wheat was fractionally lower to 2 cents in the red at the close.
Traders are looking for USDA to show old crop wheat export sales between 200k MT of cancelations and 500k MT of net new sales for the week that ended 3/14. New crop sales are estimated to be below 140k MT.
Egypt’s GASC booked 110k MT of wheat via tender, sourced partly from Bulgaria.
Japan’s Ministry of Agriculture is seeking 119,000 MT of food-quality wheat from the US, Canada, or Australia in a routine weekly tender. Results are expected late today or Thursday.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 12.9 MMT of wheat, for the season-to-date. That is 9.4% below last year, though wheat exports remain 5% above last year’s pace.
May 24 CBOT Wheat closed at $5.45, down 7 1/2 cents,
Jul 24 CBOT Wheat closed at $5.60 1/4, down 7 cents,
May 24 KCBT Wheat closed at $5.80 1/2, down 2 1/4 cents,
Jul 24 KCBT Wheat closed at $5.73 3/4, down 1 3/4 cents,
May 24 MGEX Wheat closed at $6.55, down 3/4 cent,
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