Midweek Fades for Wheat So Far

Alan Brugler Barchart Wed Feb 28, 7:19AM CST
Single stalk of wheat on white background

The AM wheat quotes are backing off by 6 cents in Chicago and by a dime in KC. The wheat market was up by as much as 1.7%. Chicago futures rallied by 8 cents for the close. KC futures ended the day 9 cents higher and spring wheat was up by 6 ¾ cents to 10 cents. 

The 8-14 day outlook is calling for warmer than normal temps for the Eastern half of the US, with the Westers a little cooler. The central Plains are expected to be near normal temps for the first half of March. Much of the US (with exception to the Dakotas and MT) is expected to see above normal chances for precip. 

Wire sources had South Korea as buying 172.3k MT of wheat from U.S., Canada, from Australia. 

 

Mar 24 CBOT Wheat  closed at $5.86, up 8 3/4 cents, currently down 4 ¼ cents

May 24 CBOT Wheat  closed at $5.84 1/4, up 9 1/2 cents, currently down 6 ¾ cents

Mar 24 KCBT Wheat  closed at $5.93 1/2, up 9 3/4 cents, currently down 10 ½ cents

Mar 24 MGEX Wheat  closed at $6.58 3/4, up 10 1/2 cents, currently down 5 ¾ cents


On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.