The wheat complex is posting another round of losses across the three markets on Tuesday. Chicago SRW futures are 11 to 13 1/4 cents lower so far on the day. KC HRW futures are falling 9 to 15 cents across the front months.. There were another 247 deliveries issued against March KC wheat overnight, with 33 for March CBT wheat. MPLS spring wheat is showing 6 to 9 cent losses.
USDA reported a private export sale of 130,000 MT of white wheat to South Korea this morning for 2024/25 shipment
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President Trump has followed through with the 25% tariffs on Mexico and Canada. Mexico has given a Sunday deadline on how they will respond, with the Mexican President stating both tariff and non-tariff measures. Canada has issued 25% tariffs on $30 billion(Canadian) of US goods. In response to the additional 10% tariff on Chinese goods, China has issued a 15% tariff on imports of US wheat. China has 0 MT in wheat on the books and just 139,119 MT in total shipments to China this year.
Individual state Crop Progress reports showed KS winter wheat rated 54% gd/ex, with a Brugler500 index at 344, up from 50% and 339 respectively from the beginning of February. Rating in TX were down 3% and 9 points on the Brugler500 to 34% gd/ex and 295, respectively.
EU wheat exports have totaled 13.93 MMT from the beginning of July to March 2, down from 22.04 MMT in the same period last year. Japan has issued a tender to buy 94,282 MT of wheat from the US, Canada, and Australia, with 35,882 MT US specific.
Mar 25 CBOT Wheat is at $5.18 3/4, down 13 1/4 cents,
May 25 CBOT Wheat is at $5.36 1/2, down 11 1/4 cents,
Mar 25 KCBT Wheat is at $5.38 1/4, down 9 1/4 cents,
May 25 KCBT Wheat is at $5.47 3/4, down 14 1/4 cents,
Mar 25 MGEX Wheat is at $5.76, down 6 1/4 cents,
May 25 MGEX Wheat is at $5.82 3/4, down 8 1/2 cents,
On the date of publication, Austin Schroeder 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.
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