The U.S. wheat market is trading with double digit losses through Monday’s midday. Chicago quotes are 1.6% to 1.8% in the red, with both March and May futures sub-$6. KC wheat futures are down by as much as 1.9% so far. Spring wheat futures in Minneapolis are down by 8 ¼ to 10 cents for midday. Farmer led strikes continue in Europe, with farmer tractors blocking major highways and roadways in Paris France and throughout Belgium.
Weekly FGIS Inspections data showed 264,666 MT of wheat was exported during the week of Jan 25. That was down from 315k the week prior and was 181k MT below the same week last year. The report showed 128k MT of the total was spring wheat. The season’s total wheat shipment reached 10.99 MMT compared to 13.2 MMT at the same time last year.
Argentina indicated that they have a deal to allow exports of Argentine wheat to China. Egypt’s Supply Minister announced the country does not plan on inducing a hedge strategy against 24/25 wheat imports – citing the lower prices compared to last year. Philippines Issued two international wheat tenders for 40-50k MT of feed wheat.
SovEcon raised their outlook for Russian wheat production by 900k MT to 92.2 MMT. That remains 600k MT below this season’s production figure. The Russian Ag Ministry raised the wheat export tax by more than 1% for this week, to 3,260 roubles/MT.
Mar 24 CBOT Wheat is at $5.89 1/4, down 11 cents,
May 24 CBOT Wheat is at $5.99 3/4, down 11 cents,
Mar 24 KCBT Wheat is at $6.13, down 11 3/4 cents,
Mar 24 MGEX Wheat is at $6.93 3/4, down 9 3/4 cents,
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