Wheat Showing Slight Losses Early on Tuesday

Wheat is showing slight losses across most winter wheat contracts to start Tuesday trade, with spring wheat facing steeper losses. The wheat complex posted Monday losses, with exception to the spring wheat contracts.  Chicago SRW futures fell 13 to 14 cents in the nearbys. Open interest showed longs exiting, down 9,348 contracts. KC HRW futures were 3 to 4 cents in the red at the close. OI dropped 2,931 contracts. There were 5 deliveries issued against March overnight. MPLS spring wheat was up 3 cents in the front months. Crude oil closed the day down $5.85 and more than $33 off the overnight highs. It is down another $5.44 this morning.  President Trump signaled the that the ongoing conflict may be nearing an end late on Monday, which pushed prices further.

Monday morning’s Export Inspections report showed 496,108 MT (18.23 mbu) of wheat shipped in the week of 3/5. That was 39.94% above the week prior and more than double the same week last year. China was the largest destination of 198,942 MT, with 97,215 MT shipped to Mexico and 56,293 MT to Thailand. The marketing year total is now 19.12 MMT (702.7 mbu) of wheat shipped since June 1, which is 20.2% above the same period last year.
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USDA WASDE data will be out on Tuesday, with traders looking for 926 mbu of wheat stocks for the US, down 5 mbu from last month. 

The state Crop Progress report from Kanas showed winter wheat conditions slipping another 2 percentage points to 56% gd/ex, with a Brugler500 index a 348, down 5 points from last week.

Mar 26 CBOT Wheat  closed at $5.98, down 13 1/4 cents, currently unch 

May 26 CBOT Wheat  closed at $6.03 1/4, down 13 1/2 cents, currently down 1 1/2 cents

Mar 26 KCBT Wheat  closed at $6.07 3/4, down 3 3/4 cents, currently unch

May 26 KCBT Wheat  closed at $6.19 3/4, down 3 3/4 cents, currently down 1/4 cents

Mar 26 MIAX Wheat  closed at $6.35 1/2, up 3 cents, currently unch 

May 26 MIAX Wheat  closed at $6.46, up 3 cents, currently down 9 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.

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