Wheat Heading Lower at Midday
Wheat futures are trading lower at midday, with Chicago SRW down 5-7 cents, KC HRW down 5-6 cents, and MPLS spring wheat leading losses at 9-11 cents. NOAA forecasts precipitation in the eastern U.S., with lighter totals in the Plains. Traders await export sales data, with estimates ranging from 300,000-600,000 MT for 2024/25 bookings.
The wheat market is trading with contracts in the red at midday on Wednesday. Chicago SRW futures are 5 to 7 cents lower so far on the session. KC HRW futures are trading with 5 to 6 cent losses. MPLS spring wheat is leading the bearish charge, down 9 to 11 cents.
NOAA’s 7-day QPF shows precip picking up in parts of the Eastern half of the US over the next week, mainly in the early portion of week. The Plains are expected to see lighter totals, mainly in the eastern portions.
Export Sales data for the week that ended on February 20 will be released tomorrow morning, with traders looking for 2024/25 bookings at 300,000-600,000 MT, with new crop estimated to be in a range of 0-100,000 MT.
Mar 25 CBOT Wheat is at $5.67 1/2, down 5 1/4 cents,
May 25 CBOT Wheat is at $5.81, down 6 3/4 cents,
Mar 25 KCBT Wheat is at $5.86 3/4, down 5 cents,
May 25 KCBT Wheat is at $5.99 1/2, down 6 cents,
Mar 25 MGEX Wheat is at $6.02 3/4, down 10 1/4 cents,
May 25 MGEX Wheat is at $6.19 3/4, down 9 cents.
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Source : BarChart
