Wheat is posting slightly lower trade so far on Friday across the three exchanges. Chicago SRW futures are showing losses of 2 to 3 cents, with front month March slightly higher. KC HRW futures are down 3 to 4 cents across most front months. MPLS spring wheat is down 3 to 4 cents in the nearbys. There were 33 delivery notices against March KC futures overnight, with 3 for March CBT wheat.
All wheat export commitments have totaled 20.484 MMT as of February 27, 11% above the same period last year. That is 89% of USDA’s wheat export projection and lagging the 97% average pace for export sales.
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The monthly WASDE report from USDA will be released on Tuesday, with traders looking for no major changes to the US ending stocks projection. The average trade estimate is 797 mbu, a 3 mbu increase from last month.
Japan purchased 94,282 MT of wheat from the US, Australia, and Canada in their weekly tender, with 35,882 US specific. French soft wheat ratings were tallied at 73% gd/ex, an increase of 1% from the week prior.
Mar 25 CBOT Wheat is at $5.37, up 6 1/4 cents,
May 25 CBOT Wheat is at $5.51 1/2, down 2 1/2 cents,
Mar 25 KCBT Wheat is at $5.46 1/4, down 5 1/4 cents,
May 25 KCBT Wheat is at $5.62 1/2, down 3 1/4 cents,
Mar 25 MGEX Wheat is at $5.79 1/4, up 6 3/4 cents,
May 25 MGEX Wheat is at $5.90, down 4 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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