Weakness was recorded in all three markets in the wheat complex on Tuesday. Chicago SRW futures were down 6 to 7 cents, as March slipped 11 cents. Casey HRW futures were 3 to 4 cents in the red at expiration. MPLS spring wheat was down 3 to 4 cents so far on the day.
Tuesday morning’s export inspection report showed that 375,402 metric tons (13.79 MBU) of wheat were shipped the week of 2/12. This was down 35.34% from the previous week but up 49.66% from the same week last year. Japan was the largest destination at 170,930 metric tons, with 58,732 metric tons sent to Mexico and 36,892 metric tons to the Dominican Republic. A total of 17.704 MMT (650 MBU) of wheat has been shipped in the marketing year since June, which is still 18.91% less than the same period last year.
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Russian wheat crop was estimated at 85.9 MMT, according to SovEcon, which is 2.1 MMT higher than their previous number. EU soft wheat exports from July 1 to February 15 totaled 15.11 MMT, now 1.46 MMT more than the same period last year.
26 March CBOT Wheat closed down 11 cents at $5.37 3/4,
May 26 CBOT Wheat Down 6 cents at $5.42 1/2,
March 26 KCBT Wheat It closed at $5.38 3/4, down 3 3/4 cents.
26 May KCBT Wheat It closed at $5.50 1/2, down 3 1/4 cents.
March 26 MIAX Wheat Down 3 1/2 cents at $5.68 1/4,
May 26 MIAX Wheat closed at $5.80, down 4 cents.
On the date of publication, Austin Schroeder did not have (directly or indirectly) any positions in any securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy here for more information.
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