Double Digit Losses for Wheat Futures
The U.S. wheat futures market continued lower through Thursday, ending the day down by double digits in all but the spring wheat markets. MGE HRS prices were 4 ½ to 6 cents weaker at the bell. Front month SRW futures closed 14 ¼ to 18 ½ cents lower with March just 1 ¾ cents off the daily low. KC HRW futures closed down by as much as 14 cents, which tightened the KC/CBT spread to 8 ¾ cents for March. The July SRW contract holds a 6 ½ cent premium to July HRW.
The wheat export bookings were listed at 349,286 MT for the week of 2/8 according to the USDA’s FAS data. That was a ~30k MT decrease from the week prior and near the lower end of the expected range, but was up 66% from sales during the same week last year. USDA had shipments at 405k MT for the week, which brought the season total to 11.5 MMT. That still trails last year by 11%, though the +72% of unshipped sales on the books has wheat commitments at 17.6 MMT compared to 16.5 MMT at the same time last year.
USDA’s Office of the Chief Economist has the preliminary look at 24/25 wheat output at 1.9 bbu, an 88 mbu increase from 23/24. Stocks are shown growing 111 mbu to 769 mbu, as the carry-in stocks are also set to start higher.
The French AgriMer expect wheat carryout to be 3.5 MMT from the prior 3.44 MMT forecast.
Mar 24 CBOT Wheat closed at $5.67, down by 18 1/2 cents,
May 24 CBOT Wheat closed at $5.67 1/4, down by 15 3/4 cents,
Mar 24 KCBT Wheat closed at $5.75 3/4, down by 12 cents,
Mar 24 MGEX Wheat closed at $6.58, down by 4 1/2 cents,
Source Link: https://www.nasdaq.com/articles/double-digit-losses-for-wheat-futures-0
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