Wheat is starting the midweek session with contracts higher across the three exchanges. The wheat complex failed to hold the Tuesday gains into the close. Chicago SRW futures were 2 to 3 cents lower on Tuesday. Open interest was up 7,955 contracts on Tuesday. KC HRW futures saw steady to fractionally higher trade at Tuesday’s close. OI rose 3,964 contracts. MPLS spring wheat closed the day with contracts 4 cent losses.
The next 7 day forecast from NOAA shows 1-2 inches expected for much of SRW country, with very little seen for parts of the Southern Plains, outside of eastern parts of KS.
USDA Export Sales data shows all wheat export commitments at 20.108 MMT, an 18% increase from the same week last year. That is 82% of the USDA estimate and slightly behind the 82% average pace.
China’s Vice Premier stated overnight that the winter wheat crop area remains steady though planting conditions in some areas are weak.
European Commission data shows 11.18 MMT of wheat exports since July 1 through January 4, a 0.17 MMT decline from the same point last year.
Mar 26 CBOT Wheat closed at $5.10 1/2, down 2 cents, currently up 5 1/2 cents
May 26 CBOT Wheat closed at $5.21 1/4, down 2 1/4 cents, currently up 4 3/4 cents
Mar 26 KCBT Wheat closed at $5.21 1/2, up 3/4 cent, currently up 7 cents
May 26 KCBT Wheat closed at $5.33 1/4, unch, currently up 6 3/4 cents
Mar 26 MIAX Wheat closed at $5.67 1/4, down 4 cents, currently up 1 3/4 cents
May 26 MIAX Wheat closed at $5.78 3/4, down 4 cents, currently up 1 1/2 cents
