Wheat is beginning your Wednesday with prices down by double digits across all trhee domestic markets. Wheat headed into the Tuesday close with losses across three exchanges. Kansas City was down 1 ¼ to 4 ½ cents at the close. Minneapolis spring wheat contracts were 1 ½ to 10 ¾ cents in the red at midday. Chicago SRW futures were steady to down 2 ½ cents in most other contracts.
The Texas state Crop Progress report showed winter wheat ratings slipping 4% to 42% good/excellent, with the Brugler500 index down 5 points to 325.
French soft wheat acreage is expected at 4.36 million HA (10.77 million acres) for 2024, a slight (320,000 ac) reduction from their 4.49 million HA estimate in December. If realized, it would also be 7.7% below last year.
Japan’s Ministry of Ag is tendering for 115,035 MT of wheat from the usual 3 (US, Canada, and Australia) in this week’s tender, with 54,695 MT US specific. A South Korea feedmill group bought 60,000 MT of wheat on Tuesday.
Mar 24 CBOT Wheat closed at $5.97 1/2, unch, currently down 15 1/2 cents
May 24 CBOT Wheat closed at $5.97, down 2 1/4 cents, currently down 13 1/2 cents
Mar 24 KCBT Wheat closed at $5.94 1/2, down 4 1/4 cents, currently down 12 1/4 cents
Mar 24 MGEX Wheat closed at $6.71 3/4, down 10 3/4 cents, currently down 9 cents
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