Wheat Prices in Red

At midday, domestic wheat futures are in the red. CBT futures are down 2 to 6 cents at midday. KC HRW futures are giving back 2 to 3 3/4 cents. Minneapolis futures are fractionally mixed save for a penny drop in March. USDA’s weekly Export Inspections report had 396,873 MT of wheat exports on the week ending 1/28. China sold 2.187 MMT of wheat from state reserves last week, for an average selling price of 2,373 yuan /MT (~$9.99/bu). Russian officials disclosed discussions regarding a possible shift to a formula based export tax beginning July 1. Egypt’s GASC purchased 480k MT of wheat from their international tender. That included 120,000 MT from Russia, 240k MT from France, and 60k each from Romania and Ukraine.   

Mar 21 CBOT Wheat is at $6.45, down 6 cents,
Mar 21 KCBT Wheat is at $6.21 1/2, down 3 3/4 cents,
Mar 21 MGEX Wheat is at $6.22, down 1 cent,

--- provided by Brugler Marketing & Management




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