Morning Fades for Wheat Futures

Chicago wheat prices were higher overnight, as March SRW was up by as much as 4c, though futures backed off and are now 2c to 3 ¼ cents lower ahead of the weekly USDA Export Sales report. AM HRW futures trading has the board 2 to 3 cents lower, while spring wheat prices are fractionally higher into the day session. Front month wheat futures were mostly higher as the market firmed through the afternoon on Wednesday. Kansas City futures remained a penny to 2 ½ cents lower at the close. Chicago futures ended the day up by ¾ to 1 ¾ cents. Spring wheat futures were 2 ¼ to 2 ½ cents stronger at the close.  

Analysts are expecting NASS to report between 1.272 bbu and 1.466 bbu of wheat stocks found on Dec 1. The average trade guess for 1.391 bbu would be up 79.6 mbu (6%) from last year on a 69 mbu (3%) larger supply. 

USDA Weekly Export Sales are expected to show between 200,00 MT and 450,000 MT of wheat sales for the week that ended 1/4. 

The European Commission reported 15.8 MMT of wheat had been shipped to destinations outside of the EU this season through Jan 7. That is down 11% from last year’s 17.8 MMT pace. 

Mar 24 CBOT Wheat  closed at $6.10 3/4, up 3/4 cent, currently down 2 1/2 cents

May 24 CBOT Wheat  closed at $6.23 3/4, up 1 1/4 cents, currently down 3 1/4 cents

Mar 24 KCBT Wheat  closed at $6.24 1/2, down 2 1/2 cents, currently down 2 3/4 cents

Mar 24 MGEX Wheat  closed at $7.07 3/4, up 2 1/4 cents, currently up 1/2 cents

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.