Double Digit Losses in Wheat Futures
Chicago wheat prices ended with 16 to 19 ¾ cent losses. That led the complex with 2.5% to 3.2% losses. KC wheat futures were 12 to 13 cents lower at the close. The March contract was down by over 2%. MPLS wheat futures fell 1% to 1.3% across the front months, leaving the contracts 7 to 9 ½ cents lower.
Pre-report survey results show the trade is looking to see U.S. wheat carryout trimmed slightly to 658.7 mbu at the average. Respondents’ ranges vary from 29 mbu tighter to 22 mbu looser than the Dec figure.
The weekly Export Inspections data had 491,074 MT of wheat shipped during the week that ended 1/4. USDA broke down the export with 156k MT of white, 136k MT for spring wheat and 125k MT for HRW. The season’s total reached 10.13 MMT, compared to 12.1 MMT last season.
BAGE estimates the Argentine wheat crop at 15.1 MMT, a 2.7% increase via realized yields.
Mar 24 CBOT Wheat closed at $5.96 1/4, down 19 3/4 cents,
May 24 CBOT Wheat closed at $6.09 1/4, down 18 1/4 cents,
Mar 24 KCBT Wheat closed at $6.15 1/4, down 12 3/4 cents,
Mar 24 MGEX Wheat closed at $7.02 1/2, down 9 1/2 cents,
Source Link: https://www.nasdaq.com/articles/double-digit-losses-in-wheat-futures
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