AgriCharts Market Commentary

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Wheat

Wheat futures are fairly steady today. CHI is the weakest with most contracts down a penny. Both KC and MPLS contracts are fractionally mixed. Projected wheat planted acreage for 2017 released by the USDA this morning is at 46 ma, slightly below estimates. The average price for wheat, on the other hand, is projected to rise to $4.30 from $3.85 in 2016, an increase of 11.7%. The IGC left 16/17 global wheat production unchanged at 752 MMT. Syria has struck another wheat trade deal with Russia, this time for 1.2 MMT. That is on top of the 1 MMT deal that is still in place from October.

Mar 17 CBOT Wheat is at $4.39 3/4, down 1 1/2 cents,

Mar 17 KCBT Wheat is at $4.57 3/4, unch ,

Mar 17 MGEX Wheat is at $5.42 3/4, unch ,

Wheat

Wheat futures are steady to 1 1/2 cents lower in Chicago SRW and KC HRW this morning. The MPLS spring wheat contract is up 1/4 to 3/4 cents. All three markets were higher on Wednesday. CHI and KC were both mainly 5 cents higher, and MPLS was a little weaker but still up 1 1/2 cents. Egypt announced they purchased 360,000 MT of wheat for late March with 60,000 MT from Ukraine, and 300,000 MT from Russia. Jordan and Tunisia both purchased 100,000+ MT of optional origin wheat. Winter wheat conditions in Texas were bumped up 1% to 30% for good to excellent (g/e) in the state report. The rating was 41% g/e at this point last year. A Bloomberg survey shows traders expecting USDA to cut projected 2017 all wheat acreage to 46.5 million at the USDA Forum in Washington.

Wheat

Wheat futures traded mostly higher on Wednesday. CHI and KC were both mainly 5 cents higher, and MPLS was a little weaker but still up 1 1/2 cents. Taiwan is reported to have purchased 102,850 MT of US wheat on Wednesday. Egypt announced they purchased 360,000 MT of wheat for late March; 60,000 MT from Ukraine, and 300,000 MT from Russia. Jordan and Tunisia both purchased 100,000+ MT of optional origin wheat. Winter wheat conditions in Texas were bumped up 1% to 30% for good to excellent (g/e). The rating was 41% g/e at this point last year.

Mar 17 CBOT Wheat settled at $4.41 1/4, up 5 1/4 cents,

Mar 17 KCBT Wheat settled at $4.57 3/4, up 5 1/2 cents,

Mar 17 MGEX Wheat settled at $5.42 3/4, up 1 1/2 cents

Wheat

Wheat futures are mostly trading mixed today. CHI and KC are both higher by 2 1/2 to 3 cents, and MPLS is marginally mixed, with March 1/4 cent lower. Taiwan is reported to have purchase 102,850 MT of US wheat on Wednesday. Egypt tendered for wheat for late March overnight, with results expected later today. Traders say that Ukraine had the lowest offer, with Russia offering 8 cargos and France also submitting an offer. Jordan and Tunisia both purchased 100,000+ MT of optional origin wheat.

Mar 17 CBOT Wheat is at $4.38 1/2, up 2 1/2 cents,

Mar 17 KCBT Wheat is at $4.55 1/4, up 3 cents,

Mar 17 MGEX Wheat is at $5.41, down 1/4 cent

Wheat

Wheat futures are trading 2 to 3 cents higher this morning. They finished Tuesday mostly 4 to 5 cents lower in the front months for all three of the major classes. EU wheat futures were mixed on the session. Through their daily reporting system, the USDA announced a private sale of 138,650 MT of wheat on Tuesday with delivery to unknown destinations. Weekly Wheat export inspections were 558,252 MT, up 71.88% from the previous week, and 107% larger than the same week last year. Egypt tendered for wheat for late March overnight, with results expected later today.


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