Overnight selling had some wheat contracts down by as much as 7 cents, though prices have firmed up to fractionally to 1 ½ cents lower in Chicago early on Wednesday. AM spring wheat futures are trading mixed within a penny of UNCH. Wheat futures saw double digit pullbacks on Tuesday. For SRW the board was 8 to 11 ½ cents lower, and that pulled the July contract back to the Bollinger midline. KC futures were 9 ¾ to 12 ¼ cents lower across the front months, with July HRW near its Bollinger midline as well. Nearby spring wheat futures closed with double digit losses of as much as 1.9%. French Milling Wheat Futures continued their fade with another 1.7% loss for Tuesday, following the rally from 175 euros/MT to 210 euros/MT for the month.
Interfax estimates Kazakhstan’s grain output between 13 and 14 MMT for 24/25, vs 16.4 MMT last year. Wheat area is estimated to be 3% below last year with 13.3m HA.
Pre-report surveys show analysts are looking for March 1 wheat stocks to come in at 1.05 bbu on average. That would be 106 mbu larger than Mar 1 stocks last year, following a 98 mbu looser yr/yr stock pile on Dec 1. Wheat acreage is estimated at 47.3 million acres vs 49.6m last year.
May 24 CBOT Wheat closed at $5.43 1/2, down 11 1/2 cents, currently down 1 1/2 cents
Jul 24 CBOT Wheat closed at $5.59 1/4, down 11 1/2 cents, currently down 1 cent
May 24 KCBT Wheat closed at $5.77 1/4, down 12 1/4 cents, currently down 2 3/4 cents
Jul 24 KCBT Wheat closed at $5.74, down 11 1/2 cents, currently down 3 1/4 cents
May 24 MGEX Wheat closed at $6.47 1/4, down 12 1/4 cents, currently up 1/2 cent
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