Wheat Back to Weakness at Midday
The wheat market is trading lower, with CBOT, KCBT, and MGEX futures down. USDA export sales report is expected to show 300,000-600,000 MT in bookings. Taiwan and Japan made wheat purchases. The International Grains Council raised global production to 797 MMT while lowering stocks to 264 MMT. Futures prices continue to decline amid global supply shifts.
The wheat market is trading with losses on Thursday. Chicago SRW futures are down 6 to 7 cents at the midday part of the session. KC HRW futures are 6 cents in the red at midday. MPLS spring wheat is trading with fractional to 2 cent losses so far.
USDA’s Export Sales report will be out on Friday AM, with traders looking for 300,000 and 600,000 MT in wheat bookings during the week of 2/13. New crop sales are seen between 0-50,000 MT.
Taiwan importers purchased a total of 102,450 MT US wheat in their tender on Thursday morning. Japan’s weekly tender saw purchases of 96,160 MT of wheat on Thursday from the US. Canada, and Australia, with 34,890 MT US specific.
International Grains Council data was released on Thursday morning showing world wheat production up 1 MMT to 797 MT, as stocks were down 1 MMT on increased consumption at 264 MMT.
Mar 25 CBOT Wheat is at $5.85 1/2, down 6 1/2 cents,
May 25 CBOT Wheat is at $6.00, down 6 1/2 cents,
Mar 25 KCBT Wheat is at $6.07 3/4, down 6 cents,
May 25 KCBT Wheat is at $6.20 1/4, down 6 cents,
Mar 25 MGEX Wheat is at $6.32 1/4, down 1 1/4 cents,
May 25 MGEX Wheat is at $6.47 1/2, down 3/4 cent.
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Source : Nasdaq.com
