Sharp Losses in Wheat Market
The month of March has U.S. wheat futures trading double digits lower led by a 4.4% loss in May HRW. The other KC futures are down by 20 to 25 cents at midday. CBT futures are trading 16 ¾ to 19 ¾ cents weaker so far. Spring wheat prices are down by as much as 15 ¼ cents at midday. CME reported 116 deliveries against SRW, with Marex customers stopping them all. MTD 600 contracts have entered the delivery process. There were also 10 deliveries for KC wheat, bringing the MTD total to 66.
Russia’s SovEcon has Feb wheat shipments at 3.8 MMT, which is up from 3 MMT last season. The 23/24 total was forecasted at 48.6 MMT, which is below USDA’s 51 MMT forecast.
Ukraine’s Ag Ministry reported spring wheat planting is underway, as 800 HA were planted in the South as of 3/1.
The week’s Export Sales data had 327.3k MT sold for the week of 2/22. That was up 40% for the week and was 15% above the same week last year. Traders were looking for between 200k and 500k MT going into the data release. Total commitments sat at 18.16 MMT, which is 6% ahead of last year’s pace and includes 6 MMT of HRS, 4.6 MMT of SRW, 3.7 MMT of white and 3.3 MMT of HRW.
Mar 24 CBOT Wheat is at $5.60 3/4, down 16 3/4 cents,
May 24 CBOT Wheat is at $5.57 1/4, down 19 cents,
May 24 KCBT Wheat is at $5.64 1/4, down 23 cents,
Source Link: https://www.nasdaq.com/articles/sharp-losses-in-wheat-market
