Wheat Feels Weakness on Turnaround Tuesday
Wheat futures ended lower across all markets on Tuesday, reversing earlier gains. Chicago SRW futures fell by 2 3/4 to 4 1/2 cents, KC HRW by 4 1/4 to 6 1/4 cents, and MPLS spring wheat by 6 3/4 to 7 1/2 cents. Wheat stocks are estimated at 1.973 billion bushels for the upcoming Grain Stocks report. Japan is tendering for 112,580 MT of wheat, while EU soft wheat exports have declined compared to last year.
Wheat futures closed with weakness on Tuesday across all three markets to fade the morning gains. Chicago SRW futures were down 2 3/4 to 4 1/2 cents on the day. KC HRW posted 4 ¼ to 6 ¼ cent losses. MPLS spring wheat was down 6 ¾ to 7 ½ cents at the close.
Wheat stocks at the end of the first quarter are expected to be pegged at 1.973 bbu in next Monday’s Grain Stocks report. The survey of estimates by Reuters has a range of 1.794 bbu to 2.09 bbu.
Japan is tendering for 112,580 MT of wheat from Australia, Canada, and the US, due on Thursday and 64,510 MT US specific. The European Commission pegs 5.86 MMT of soft wheat exports since July 1, well below the 7.67 MMT in that same period last year.
Dec 24 CBOT Wheat closed at $5.78, down 4 1/2 cents,
Mar 25 CBOT Wheat closed at $5.97 1/4, down 4 cents,
Dec 24 KCBT Wheat closed at $5.71, down 6 1/4 cents,
Mar 25 KCBT Wheat closed at $5.85 1/4, down 5 1/2 cents,
Dec 24 MGEX Wheat closed at $6.11 3/4, down 7 1/4 cents,
Mar 25 MGEX Wheat closed at $6.33 1/4, down 7 1/4 cents
Source Link : https://www.barchart.com/story/news/28708080/wheat-feels-weakness-on-turnaround-tuesday
