Wheat is starting Thursday with 4 to 6 cent gains across the domestic futures after starting the week strong and a turnaround on Wednesday. The wheat market closed Wednesday with 1% to 2% losses in the domestic classes. SRW futures were down by 12 ½ to 13 ¾ cents on at the close. KC HRW futures closed 7 ¾ to 11 cents lower on Wednesday. Front month spring wheat futures finished the day down by 7 ¼ to 7 ½ cents.
Coceral estimates the 2024 European (+UK) grain production at 139.4 MMT. That is a 100k MT increase from this season. Russia’s Ag Ministry reported the 2024 grain crop was 142.6 MMT, a 9.5% decrease from last season’s all-time record. Of that, Russia’s wheat crop totaled 92.77 MMT.
Egypt’s GASC is again tendering for wheat to be delivered in early March. Results are expected later today.
Mar 24 CBOT Wheat closed at $6.23, down 13 1/4 cents, currently up 6 1/4 cents
May 24 CBOT Wheat closed at $6.33 3/4, down 12 1/2 cents, currently up 6 cents
Mar 24 KCBT Wheat closed at $6.35, down 7 3/4 cents, currently up 5 3/4 cents
Mar 24 MGEX Wheat closed at $7.21 3/4, down 7 1/2 cents, currently up 4 1/2 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
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.
