Wheat Continues Leaking Lower
Wheat futures sliding lower on Tuesday, led by the hard red contracts. Kansas City is down 3 to 6 cents so far on the session. Minneapolis spring wheat contracts are 5 to 8 ¾ cents in the red at midday. Chicago SRW futures are up 1 ¼ in nearby March, but down 1 – 2 cents in most other contracts.
The Texas state Crop Progress report showed winter wheat ratings slipping 4% to 42% good/excellent, with the Brugler500 index down 5 points to 325.
French soft wheat acreage is expected at 4.36 million HA (10.77 million acres) for 2024, a slight (320,000 ac) reduction from their 4.49 million HA estimate in December. If realized, it would also be 7.7% below last year.
Japan’s Ministry of Ag is tendering for 115,035 MT of wheat from the usual 3 (US, Canada, and Australia) in this week’s tender, with 54,695 MT US specific. A South Korea feedmill group bought 60,000 MT of wheat on Tuesday.
Mar 24 CBOT Wheat is at $5.98 3/4, up 1 1/4 cents,
May 24 CBOT Wheat is at $5.98, down 1 1/4 cents,
Mar 24 KCBT Wheat is at $5.92 3/4, down 6 cents,
Mar 24 MGEX Wheat is at $6.73 3/4, down 8 3/4 cents,
Source Link: https://www.barchart.com/story/news/24044296/wheat-continues-leaking-lower
