Wheat Stayed Weak for Close

Despite afternoon rallies for corn and beans, wheat futures closed near the lows. For SRW the 13 1/4 to 16 3/4 cent losses left the board at $6.55 March and $6.60 1/4 for May. SRW futures began the month near $6.61. HRW prices closed $6.24 3/4 for March and $6.33 3/4 for May with 18 to 19 1/2 cent losses across the front months. Month to month, May HRW prices were 7 1/4 cents weaker. HRS wheat went into the weekend with 10 1/2 to 11 3/4 cent losses, May at $6.38 3/4 per bushel. First Notice Day for March wheat futures resulted in 89 HRW contracts and 652 HRS contracts but none for Chicago wheat. New crop futures still hold a slight premium to SRW. Cash price data from cmdtyView shows new crop cash HRW prices are 33 3/4 cents above SRW.

CFTC data showed Chicago wheat spec traders were 5,625 contracts more net long to 26,910 contracts on net new buying. Commercials were 117,646 contracts net short in SRW futures and options on 2/23. For KC wheat, managed money reduced their net long 3,925 contracts to 53,208. HRW commercials were 94,148 contracts net short on 2/23. In HRS wheat futures and options, managed money was firm at 12,153 contracts net long.

IGC increased their 2020/21 wheat output forecast by 5 MMT citing bumps to Australia, Russia, and Kazakhstan. For 2021/22, IGC expects a record 790 MMT of wheat production, citing a bounce back in Europe and good harvests in North Africa and India. The preliminary wheat ending stocks for 21/22 was increased from the Jan report believing lost trade will more than offset higher feeding. FranceAgriMer noted 87% of winter wheat was good/ex, that is up from 64% at this time LY. Taiwan issued a tender seeking 100,410 MT of U.S. wheat.

--- provided by Brugler Marketing & Management

SRW Wheat Prices by Barchart

HRW Wheat Prices by Barchart

HRS Wheat Prices by Barchart




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