Wheat Closes in Red on Wednesday

Front month wheat futures ended the Wednesday session with losses. SRW futures closed 0.67% to 1.3% in the red. December Chicago futures dropped a dime to $6.55. KC HRW closed 1.1% to 1.2% weaker. The new crop Chi/KC spread is 6 3/4 cents. Minneapolis wheat futures ended the Wednesday session with 0.9% to 1.1% losses. The new crop Chi/MPLS wheat spread closed with a zero cent premium. Spring wheat futures were down 6 to 7 3/4 cents today. China sold 3.94 MMT of wheat from state reserves last week. That was 99.7% offered, for an average price of 2,504 yuan/MT ( ~ $10.54/bu). Japan is tendering for 100k MT of wheat – 52k U.S. specific. Algeria is also in the market for 50k MT of wheat. Philippines issued a tender for 100k MT of optional origin feed wheat. EU wheat exports were reported at 13.99 MMT through Jan 17, compared to last season’s 16.73 MMT pace.

Mar 21 CBOT Wheat closed at $6.67 3/4, down 4 1/2 cents,
Mar 21 KCBT Wheat closed at $6.37, down 7 cents,
Mar 21 MGEX Wheat closed at $6.37 1/2, down 6 cents,

--- provided by Brugler Marketing & Management




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