Wheat Futures Steady at Midday
The wheat market has traded within a 15c range so far, though futures are mixed within a nickel at midday. SRW futures are fractionally mixed to 1 ¼ cents higher. May was up by 9c earlier in the day. KC wheat futures are currently fractionally to 2c lower, and ~10c under their highs. MGE spring wheat prices are trading 1 ½ cents weaker at midday.
NASS state data showed Texas winter wheat conditions were 44% good/ex for a Brugler500 score of 313, vs 319 last week. KS winter wheat conditions improved 1 point on the Brugler500 scale to 344. Oklahoma conditions were also 1 point better to 366.
USDA announced another cancellation of SRW previously sold to China. The 264k MT cancellation brought the total cancellations to 504k MT since Thursday – that is 38% of China’s outstanding book and is 25% of the total SRW unshipped sales (~30 million bushels).
Weekly Inspections data showed 402,874 MT of wheat was exported during the week that ended 3/7. That was a 45k MT increase for the week and was 150k MT above the same week last year. Accumulated shipments on the weekly data reached 13.37 MMT, compared to 15.9 MMT at the same time last year.
Stats Canada’s planting intentions report showed expected wheat acreage for 2024 at 27.05 million acres. That is slightly above a year ago and above the 26.7 million acres estimate. Durum intentions were 5.1% vs. last year, with spring wheat plans down 1.2%.
May 24 CBOT Wheat is at $5.47 1/4, unch,
Jul 24 CBOT Wheat is at $5.60 3/4, down 1/4 cent,
May 24 KCBT Wheat is at $5.95 3/4, down 3 cents,
Jul 24 KCBT Wheat is at $5.85 3/4, down 2 cents,
May 24 MGEX Wheat is at $6.67 1/4, down 2 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.