CBT Wheat Flips Back to Net Losses for Week’s Move
After finishing the midweek trading session with more than 1% losses, the domestic wheat market is now mixed on the weekly charts. Chicago futures were down by 6 ¼ to 15 cents on the day leaving the May contract at a net weekly 2 ½ cent loss. HRW futures settled the session with 4 ¾ to 6 cent losses, though the May contract is still a net 26 ¾ cents higher for the week’s move so far. Spring wheat futures were 5 ¾ to 7 cents lower on the day, though May is still a dime higher on the weekly chart.
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.
Texas wildfires have reached a total of 850k acres in the panhandle with the so-called smokehouse creek wild fire at 500k acres alone. The panhandle is typical wheat and cattle pasture ground, though only preliminary assumptions for crop damage are available.
Wire sources had South Korea as buying 172.3k MT of wheat from U.S., Canada, from Australia.
Mar 24 CBOT Wheat closed at $5.71, down 15 cents,
May 24 CBOT Wheat closed at $5.74 3/4, down 9 1/2 cents,
Mar 24 KCBT Wheat closed at $5.95 1/2, up 2 cents,
Mar 24 MGEX Wheat closed at $6.51 3/4, down 7 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.