Wheat Markets Dropping Double Digits

Wheat trading starts the new week with double digit losses. CBT futures are in the red at midday with losses of 12 to 15 1/4 cents. HRW prices are 17 to 19 1/2 cents lower. HRS wheat futures are down 11 1/2 to 12 1/2 cents. USDA’s weekly Export Inspections report had 396,873 MT of wheat exports on the week ending 1/28. That was down 30% on the week and 9% below the same week last year. The top destination was South Korea with 73,392 MT. Japan was shipped 61,470 MT. China sold 2.187 MMT of wheat from state reserves LW. That was 54% of the reported offer, for an average selling price of 2,373 yuan /MT (~$9.99/bu). Sovecon raised their 2020/21 Russian wheat export projection 1.6 MMT to 37.9 MMT. The consultancy cited active shipping ahead of the higher tax rate beginning March 1.  

Mar 21 CBOT Wheat is at $6.47 3/4, down 15 1/4 cents,
Mar 21 KCBT Wheat is at $6.18 1/2, down 19 1/2 cents,
Mar 21 MGEX Wheat is at $6.21 1/2, down 12 cents,

--- provided by Brugler Marketing & Management




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