Trading Patterns Unveiled
As the week kicks off, front month wheat futures attempt to make headway with modest gains ranging from a penny to 3 ½ cents higher. Unfortunately, SRW finds itself hovering near lows following an initial push with 12 cent gains. Similarly, KC slides down by 0.3% to 0.8%. Meanwhile, nearby MGE wheat futures dip between 0.2% to 0.5% in the red.
Export Shipments and Stockpile Insights
The latest data reveals that weekly wheat export shipments amount to 315,395 MT for the week that concluded on 3/21. This marks a decline from 294.5k MT in the previous week, trailing by 89k MT compared to the same week last year. With accumulated shipments lagging 2.5 MMT behind last year’s pace at 14.167 MMT.
Anticipation looms as pre-report surveys indicate analysts predicting March 1 wheat stocks to average at 1.05 bbu, with estimates ranging from 1 billion to 1.08 billion bushels. This projection stands at 106 mbu larger than the stocks on Mar 1 last year, following a 98 mbu loosening year-over-year stockpile on Dec 1. Wheat acreage estimates settle at 47.3 million acres versus last year’s 49.6 million. Notably, spring wheat is anticipated to hover around 10.9 million acres on average, with approximately 1.7 million expected for durum wheat.
Market Closing Figures
May 24 CBOT Wheat concludes at $5.52, marking a 2 3/4-cent decrease.
Jul 24 CBOT Wheat closes at $5.68 1/4, down 1 1/4 cents.
May 24 KCBT Wheat ends at $5.88, dropping 2 1/2 cents.
Jul 24 KCBT Wheat finishes at $5.83, slipping 1 3/4 cents.
May 24 MGEX Wheat wraps up at $6.58 3/4, down 2 1/4 cents.
On the publication date, Alan Brugler had no direct or indirect positions in the mentioned securities. The information and data provided in this article are for informational purposes only. Refer to the Barchart Disclosure Policy for further insights.
The views and opinions presented here are those of the author and do not necessarily align with those of Nasdaq, Inc.
