Wheat Prices Dropping on Wednesday

Wheat in the blue sky under the sun

Wheat futures are trading 1% to 1.5% weaker at Wednesday’s midday. Chicago futures are down by as much as 12 cents, though the May contract is still at a net 5 cent gain for the week. May SRW is also a 2 ¾ cent discount to May HRW. KC wheat futures are down by 8 cents at midday. Minneapolis futures are trading 7 ¾ to 9 cents lower at midday. 

Analysts are looking for wheat export sales to be reported between 200k MT and 500k MT for the week of 2/22. New crop wheat sales are estimated below 100k MT. 

The 8-14 day outlook is calling for warmer than normal temps for the Eastern half of the US, with the Westers a little cooler. The central Plains are expected to be near normal temps for the first half of March. Much of the US (with exception to the Dakotas and MT) is expected to see above normal chances for precip. 

Wire sources had South Korea as buying 172.3k MT of wheat from U.S., Canada, from Australia. 

Mar 24 CBOT Wheat  is at $5.76 1/2, down 9 1/2 cents,

May 24 CBOT Wheat  is at $5.76 1/4, down 8 cents,

Mar 24 KCBT Wheat  is at $5.90 1/4, down 3 1/4 cents,

Mar 24 MGEX Wheat  is at $6.50 1/4, down 8 1/2 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.