Wheat Falls on Wednesday
Wheat futures posted losses across major exchanges on Wednesday. Chicago SRW fell 6-7 cents, KC HRW dropped 5-6 cents, and MPLS spring wheat declined by 9-10 cents. South Korean buyers purchased 125,000 MT of wheat, with 60,000 MT likely from the U.S. The USDA Winter Wheat Seedings report is expected to show lower acreage, with 33.37 million acres projected.
Wheat posted losses across the three exchanges on Wednesday. Chicago SRW futures were down 6 to 7 cents in the nearby contracts on the day. KC HRW closed with contracts down 5 to 6 cents. MPLS spring wheat futures were 9 to 10 cents in the red on the session.
A couple private import purchases were made by South Korean importers overnight, totaling 125,000 MT, with at least 60,000 expected to be US origin.
Ahead of the Winter Wheat Seedings report on Friday, the trade is expecting USDA to show all winter wheat acreage at 33.366 million acres, down 24,000 acres from last year if realized. HRW is expected to be 23.73 million, with SRW at 6.14 million acres and white at 3.49 million acres.
The weekly Export Sales report is delayed until Friday as the government offices will be closed Thursday for a National Day of Mourning for former President Carter’s funeral. The markets will be closing at 12:15 pm CST on Thursday. The CME is planning to begin offering Hard Red Spring wheat futures and options, pending regulatory approval, in early quarter 2 of this year.
Mar 25 CBOT Wheat closed at $5.36 1/4, down 6 1/4 cents,
May 25 CBOT Wheat closed at $5.47 3/4, down 6 3/4 cents,
Mar 25 KCBT Wheat closed at $5.50, down 5 3/4 cents,
May 25 KCBT Wheat closed at $5.58 1/2, down 6 cents,
Mar 25 MGEX Wheat closed at $5.85, down 9 3/4 cents,
May 25 MGEX Wheat closed at $5.93 3/4, down 9 cents.
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Source : BarChart
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