Wednesday Weakness for Wheat

Domestic wheat futures closed the midweek session in the red as back and forth action continued through Wednesday. CBT SRW Wheat futures ended the session 8 1/2 to 11 1/4 cents lower. KC HRW Wheat futures gave back 9 to 9 1/2 cents. MPLS HRS Wheat futures closed down by 2 1/4 to 4 3/4 cents. There were zero delivery notices vs. Chicago and KC wheat overnight, as the stoppers kept all of those KC receipts.

Export sales estimates are for USDA to show between 100,000 and 500,000 MT sold on the week ending 2/25. New crop bookings are estimated to come in below 100k MT. Philippines are tendering for 145,000 MT of wheat. Japan bought 82,937 MT of wheat from U.S. and Canada in the weekly MOA tender.

--- provided by Brugler Marketing & Management

  1. ·Cash SRW Wheat was $6.27 5/7, down 10 1/2 cents,
  2. ·Mar 21 CBOT Wheat closed at $6.52, down 11 1/4 cents,
  3. ·Jul 21 CBOT Wheat closed at $6.46 1/2, down 8 1/2 cents,
  4. ·Cash HRW Wheat was $5.89 5/6, down 9 3/10 cents,
  5. ·Mar 21 KCBT Wheat closed at $6.17 1/2, down 9 1/2 cents,
  6. ·Jul 21 KCBT Wheat closed at $6.31, down 9 1/2 cents,
  7. ·Mar 21 MGEX Wheat closed at $6.35 1/2, down 4 3/4 cents,

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.