To start the week wheat opened lower across the board and continued to trade on the defense throughout the night. Mpls and Chicago found strength in the day session, popping to trade on the plus side, but KC did not. KC was able to shake most of its losses but fell short of turning higher. Tariff concerns and slow demand continue to weigh on wheat. Fund short covering continues to add support as traders take money off the table ahead of first notice.
All of the wheat exchanges closed lower on Tuesday with KC seeing the biggest losses. Ideas that winterkill damage in the Southern Plains may be less than previously thought pressured wheat. Ukraine estimated their wheat exports could increase to 17.6 MMT vs. 15.8 MMT last year. But analysts doubt that number since marketing year to date sales are at just 8.5 MMT vs. 10.8 MMT at the same time last year. Today is the 4-year anniversary of the start of the Russia/Ukraine war. In other export news, Jordon made no purchases from their tender for 120,000 MT of milling wheat, despite receiving 3 offers.
In Wednesday’s session the wheat markets ended the session mixed with small gains in Mpls and small losses in the winter wheat markets. Pressure came from forecasts for rain next week for the US Southern Plains with the highest amounts falling in TX and OK. Algeria bought 600,000 MT of wheat, reportedly sourced from the Black Sea region. Russia lowered their 2025/26 exports estimate by 300,000 MT to 45.4 MMT.
Wheat opened Thursday’s session mixed with each of the exchanges going their own direction. By the end of the night session MW and KC were on the defense while Chicago pushed higher, and that is virtually how wheat traded through the day. Early selling was tied to improving weather forecasts for the US Southern Plains. A lower-than-expected export sales pace added pressure. Technical pressure was also evident was traders make their last run to get out of the March contract ahead of first notice day, which is Friday. End of week and end of month position squaring was also evident.
March MIAX MW support is $5.65, March Chicago wheat support is $5.08, March KC support is $4.99.
For the week, March Mpls MIAX was at $5.9925 up 12.0 cents, March Chicago was at $5.9125 up 17.75 cents, March KC was at $5.7275 up 0.5 cent.
For the month, March Mpls MIAX was up 21.0 cents, March Chicago was up 53.25 cents, March KC was up 28.0 cents.
Wheat Weekly Comments February 27
Wheat Weekly Comments February 27
To start the week wheat opened lower across the board and continued to trade on the defense throughout the night. Mpls and Chicago found strength in the day session, popping to trade on the plus side, but KC did not. KC was able to shake most of its losses but fell short of turning higher. Tariff concerns and slow demand continue to weigh on wheat. Fund short covering continues to add support as traders take money off the table ahead of first notice.
All of the wheat exchanges closed lower on Tuesday with KC seeing the biggest losses. Ideas that winterkill damage in the Southern Plains may be less than previously thought pressured wheat. Ukraine estimated their wheat exports could increase to 17.6 MMT vs. 15.8 MMT last year. But analysts doubt that number since marketing year to date sales are at just 8.5 MMT vs. 10.8 MMT at the same time last year. Today is the 4-year anniversary of the start of the Russia/Ukraine war. In other export news, Jordon made no purchases from their tender for 120,000 MT of milling wheat, despite receiving 3 offers.
In Wednesday’s session the wheat markets ended the session mixed with small gains in Mpls and small losses in the winter wheat markets. Pressure came from forecasts for rain next week for the US Southern Plains with the highest amounts falling in TX and OK. Algeria bought 600,000 MT of wheat, reportedly sourced from the Black Sea region. Russia lowered their 2025/26 exports estimate by 300,000 MT to 45.4 MMT.
Wheat opened Thursday’s session mixed with each of the exchanges going their own direction. By the end of the night session MW and KC were on the defense while Chicago pushed higher, and that is virtually how wheat traded through the day. Early selling was tied to improving weather forecasts for the US Southern Plains. A lower-than-expected export sales pace added pressure. Technical pressure was also evident was traders make their last run to get out of the March contract ahead of first notice day, which is Friday. End of week and end of month position squaring was also evident.
March MIAX MW support is $5.65, March Chicago wheat support is $5.08, March KC support is $4.99.
For the week, March Mpls MIAX was at $5.9925 up 12.0 cents, March Chicago was at $5.9125 up 17.75 cents, March KC was at $5.7275 up 0.5 cent.
For the month, March Mpls MIAX was up 21.0 cents, March Chicago was up 53.25 cents, March KC was up 28.0 cents.