Double Digit Losses Lead to Contract Lows for Wheat
U.S. wheat futures firmed up in the afternoon portion of Thursday to close off the daily lows, but prices were still down by double digits on the day. SRW futures ended the day with 1.8% to 2.4% losses across the front months, as May fell by 12 cents/bu. That led to new contract lows. KC futures were down by 11 to 12 ¾ cents across the front months. Spring wheat futures gave back 7 to 8 ¼ cents on the day.
USDA’s weekly Export Sales data had 83,804 MT of wheat sold during the week that ended 3/7. That was within the range of estimates, and included 240k MT of SRW cancellations. USDA’s FAS also reported 81.3k MT of new crop wheat sold during the week, for a forward book of 517.8k MT. That compares to the 656k MT of forward sales on the books at the same time last year.
Japan booked 114.3k MT of wheat via a regular tender from U.S., Canada, and Australia.
IKAR expects Russian wheat output for 24/25 to reach 93 MMT and exports for 24/25 to toal 50 MMT.
Source Link: https://www.nasdaq.com/articles/double-digit-losses-lead-to-contract-lows-for-wheat
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