Wheat

Wheat futures settled the Thursday session with most CBT and KC contracts 3 to 6 1/2 cents in the red, as MPLS was fractionally to 1 cents higher. All wheat old crop export sales were reported in the range of expectations this morning at 393,437 MT in this morning’s Export Sales report. That was 24.7% lower than the same time last year but 36.1% larger than last week. US ending stocks were raised 20 mbu by the USDA this morning to 1.009 bbu. That came from a 25 mbu reduction to US exports and a 5 mbu increase in food use. Meanwhile, world ending stocks were cut 1.92 to 266.1 MMT, on larger domestic use. Japan’s MOA reported that the country purchased 100,517 MT of Australian, Canadian, and US wheat on Thursday, with 33,442 MT sourced from the US. Egypt’s GASC is seeking wheat for March 12-22 delivery, with the tender to close Friday. Russia has dominated that market as of late.

Mar 18 CBOT Wheat closed at $4.56 1/4, down 4 1/4 cents,

Mar 18 KCBT Wheat closed at $4.74 1/2, down 6 1/2 cents,

Mar 18 MGEX Wheat closed at $6.13, up 3/4 cent




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