Wheat

Wheat futures ended the day with most CBT and MPLS contracts 1 to 2 1/2 cents in the green, as KC was 5 to 6 1/4 cents higher. The March KC contract hit a 6 week high this morning. Frigid temperatures across the Plains this past weekend are supportive, but impacts from the sub-zero temps won’t be fully known until Spring. The sharp drop in Kansas wheat condition ratings from November to December caught the trade by surprise, with 37% good/ex at the end of December vs. 51% a month earlier. This was before the freeze. US wheat export commitments are 73% of the USDA export projection, vs. the average of 78% and last year’s 79%. Ukraine grain exports from July to December totaled 21.36 MMT according to their Ag Ministry, which is 10% lower than the same time the previous year. Of that total export amount, 11.2 MMT consisted of wheat.

Mar 18 CBOT Wheat closed at $4.36, up 2 1/2 cents,

Mar 18 KCBT Wheat closed at $4.41, up 6 1/4 cents,

Mar 18 MGEX Wheat closed at $6.19 3/4, up 1 3/4 cents




Market Commentary provided by:

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