Wheat Falling Lower on Friday
The wheat market is posting continued weakness on Friday. Chicago SRW futures are slipping back 8 to 9 cents at midday. Kansas City HRW contracts are leading the charge lower, with contracts down 17 to 18 cents. MPLS spring wheat is down 7 to 10 cents across the front months.
Rains forecast for the next week are seen totaling 1 to 3 inches in much of SRW country. HRW regions are relatively dry, with exceptions to eastern portions of the Southern Plains.
USDA’s Export Sales data has wheat commitments at 21.092 MMT as of 3/20, which is 12% ahead of the same week last year. That is also just 93% of the USDA projection and lagging behind the 101% average pace.
NASS will report the March 1 Grain Stocks data next Monday, with a Bloomberg survey of traders looking for 1.221 bbu of wheat on hand on average. The range is from 1.169 to 1.26 bbu for the March 1 total.
May 25 CBOT Wheat is at $5.23 1/2, down 8 1/2 cents,
Jul 25 CBOT Wheat is at $5.38 1/2, down 8 3/4 cents,
May 25 KCBT Wheat is at $5.48 3/4, down 17 1/2 cents,
Jul 25 KCBT Wheat is at $5.62 1/4, down 17 1/2 cents,
May 25 MGEX Wheat is at $5.79 1/4, down 9 1/4 cents,
Jul 25 MGEX Wheat is at $5.95 1/2, down 7 3/4 cents,
On the date of publication, Austin Schroeder 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 Barchart Disclosure Policy here.