Wheat futures are sitting 1 ½ to 4 ½ cents higher in Minneapolis this morning, but KC and Chicago futures are fractionally to 4 cents weaker. The AM Oats Futures Prices are 3.5% higher, flipping May back to a net gain for the weekly move. Wheat futures were mostly lower on Wednesday, though the March SRW contract was ½ a cent in the black for the close. The other SRW futures were down by 1 ½ to 3 ½ cents. KC HRW futures were 5 ½ to 7 ½ cents weaker at the close. Spring wheat ended the day with 1.5% losses of as much as 10 ½ cents.
The European Commission reported wheat shipments reached 16.88 MMT for the MY through Jan 14. That is 7.1% behind last year’s pace, though data for Italy was incomplete for the total. FranceAgriMer expects French wheat shipments to total 17 MMT, a 200k MT trim from their prior forecast.
Russia’s Ag Ministry reported the wheat export tax at 3,946.5 rubles/MT (~$44.40/MT). That is down 5.3% from the week prior.
Egypt’s GASC bought 360,000 MT in their tender, including at least one French cargo. Trade talk now has Algeria buying up to 900,000 MT in their tender, more than previously thought. The results are not public. Japan is seeking 88,000 MT of US or Canadian wheat in their weekly tender. Jordan and Tunisia also appear to have purchased wheat as prices approached previous lows.
Mar 24 CBOT Wheat closed at $5.82 1/2, up 1/2 cent, currently down 2 1/2 cents
May 24 CBOT Wheat closed at $5.94 1/2, down 1 1/2 cents, currently down 3 cents
Mar 24 KCBT Wheat closed at $5.94, down 7 1/2 cents, currently down 1/4 cent
Mar 24 MGEX Wheat closed at $6.80 1/4, down 10 1/2 cents, currently up 2 1/4 cents
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