Wheat Weakens on Wednesday
Wheat futures closed lower Wednesday, with CBOT, KCBT, and MGEX all declining. Traders await the USDA Export Sales report, expecting 200,000–600,000 MT. FranceAgriMer adjusted export estimates, and major wheat purchases included South Korea, Algeria, and Japan. March CBOT closed at $5.74 1/4, down 2 3/4 cents; March KCBT at $5.91 1/2, down 1 1/4 cents.
Wheat futures held onto the weakness into the close on Wednesday, with losses in the three markets. Chicago SRW futures were down 2 to 3 cents across the nearbys on the day. KC HRW futures were faced with fractional to 2 cent losses at the close. MPLS spring wheat was 3 to 4 cents in the red on the session.
President Trump spoke with Russia President Putin this afternoon, speaking on the current conflict in Ukraine and beginning negotiations to end the war, among other things.
The weekly USDA Export Sales will be published tomorrow morning, with analysts looking for a total of 200,000 to 600,000 MT in 2024/25 sales for wheat in the week that ended on February 6. Sales for new crop are estimated at 0-75,000 MT.
The FranceAgriMer estimates the country’s soft wheat exports to total 3.4 MMT outside of the EU, down 0.1 MMT from last month. The change was shifted to exports within the EU, up by that same amount to 6.24 MMT.
A South Korea importer purchased a total of 115,000 MT of feed wheat on Wednesday. No origin was noted. Japan’s weekly tender is due on Thursday, with 123,979 MT combined from the US, Australia, and Canada, and 34,026 MT US specific. Algeria purchased wheat in a tender on Wednesday, with estimates of 550,000 to 600,000 MT in purchases.
Mar 25 CBOT Wheat closed at $5.74 1/4, down 2 3/4 cents,
May 25 CBOT Wheat closed at $5.88, down 2 cents,
Mar 25 KCBT Wheat closed at $5.91 1/2, down 1 1/4 cents,
May 25 KCBT Wheat closed at $6.02, down 3/4 cent,
Mar 25 MGEX Wheat closed at $6.14 3/4, down 3 1/2 cents,
May 25 MGEX Wheat closed at $6.28 1/4, down 3 cents.
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Source : Nasdaq.com
