Wheat Falls Alongside Corn and Soybeans
The U.S. wheat markets ended the Monday session with over 1% losses as part of a broad grain market selloff. Chicago futures finished 6 to 7 cents weaker with a sub-$6 close in the March. KC wheat futures gave back 6 ½ to 8 ¼ cents on Monday. MGE wheat futures closed down by 8 to 10 ¼ cents. Both the March and the May HRS futures were sub-$7 at the close. Farmer led strikes continue in Europe, with farmer tractors blocking major highways and roadways in Paris France and throughout Belgium.
Weekly FGIS Inspections data showed 264,666 MT of wheat was exported during the week of Jan 25. That was down from 315k the week prior and was 181k MT below the same week last year. The report showed 128k MT of the total was spring wheat. The season’s total wheat shipment reached 10.99 MMT compared to 13.2 MMT at the same time last year.
Argentina indicated that they have a deal to allow exports of Argentine wheat to China. Egypt’s Supply Minister announced the country does not plan on inducing a hedge strategy against 24/25 wheat imports – citing the lower prices compared to last year. Philippines Issued two international wheat tenders for 40-50k MT of feed wheat.
SovEcon raised their outlook for Russian wheat production by 900k MT to 92.2 MMT. That remains 600k MT below this season’s production figure. The Russian Ag Ministry raised the wheat export tax by more than 1% for this week, to 3,260 roubles/MT.
Mar 24 CBOT Wheat closed at $5.93 1/2, down 6 3/4 cents,
May 24 CBOT Wheat closed at $6.03 3/4, down 7 cents,
Mar 24 KCBT Wheat closed at $6.18 1/4, down 6 1/2 cents,
Mar 24 MGEX Wheat closed at $6.93 1/4, down 10 1/4 cents,
Source Link: https://www.barchart.com/story/news/23685911/wheat-falls-alongside-corn-and-soybeans
