To start the week wheat opened mixed but turned to trade lower throughout the night session and extended session losses into the day. Early selling spilled over from the other grains as it was another risk off session in the grains. Light selling was tied to spill over pressure from a sharply lower crude oil market. A higher US dollar added pressure. Losses were also due to Improving weather in the US Southern Plains and Black Sea. In export news, Taiwan was in and bought 106 TMT of US milling wheat.
In Tuesday’s session wheat opened higher but turned to trade mixed by the end of the night session. Selling pressure expanded into the day session as all three wheat exchanges struggled to hold gains. Improving weather in the US Southern Plains started the wheat on the defense. Reports that India and the US have agreed on a trade deal helped limit losses. January’s Crop Progress report continues to show a mixed bag for wheat. KS’s crop improved 1% to 61% g/e, OK dropped 8% to 23% g/e, TX dropped 7% to 13% g/e, CO improved 14% to 57% g/e, and IL improved 3% to 67% g/e.
Wheat opened Wednesday’s session steady to higher but faded the gains to trade in the red by the end of the night session. Selling pressure continued once the day session kicked into gear with early pressure tied to slow demand and the lack of news. Improving weather conditions added pressure as warmer continues are in the forecast for the next two weeks for the US Southern Plains. Losses were kept in check from spill over support from the soybean market. But it was disappointing to see wheat remain on the defense while corn and soybeans rallied higher.
Wheat opened Thursday’s session mixed with Mpls and KC lower while Chicago opened with gains. By the end of the night session all three of the wheat exchanges were trading with minor changes from Wednesday. Early pressure was due to last week’s disappointing export sales pace, which came in at the bottom of expectations. China showed up in the export sales estimate today, which might have brought a bit of buying into the wheat complex. But the biggest supporting factor was due to the support from the sharply higher soybeans and hope that wheat exports will continue to expand.
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 $5.70 down 8.25 cents, March Chicago was at $5.2975 down 8.25 cents, March KC was at $5.3125 down 13.5 cents.
Wheat Weekly Comments February 6
Wheat Weekly Comments February 6
To start the week wheat opened mixed but turned to trade lower throughout the night session and extended session losses into the day. Early selling spilled over from the other grains as it was another risk off session in the grains. Light selling was tied to spill over pressure from a sharply lower crude oil market. A higher US dollar added pressure. Losses were also due to Improving weather in the US Southern Plains and Black Sea. In export news, Taiwan was in and bought 106 TMT of US milling wheat.
In Tuesday’s session wheat opened higher but turned to trade mixed by the end of the night session. Selling pressure expanded into the day session as all three wheat exchanges struggled to hold gains. Improving weather in the US Southern Plains started the wheat on the defense. Reports that India and the US have agreed on a trade deal helped limit losses. January’s Crop Progress report continues to show a mixed bag for wheat. KS’s crop improved 1% to 61% g/e, OK dropped 8% to 23% g/e, TX dropped 7% to 13% g/e, CO improved 14% to 57% g/e, and IL improved 3% to 67% g/e.
Wheat opened Wednesday’s session steady to higher but faded the gains to trade in the red by the end of the night session. Selling pressure continued once the day session kicked into gear with early pressure tied to slow demand and the lack of news. Improving weather conditions added pressure as warmer continues are in the forecast for the next two weeks for the US Southern Plains. Losses were kept in check from spill over support from the soybean market. But it was disappointing to see wheat remain on the defense while corn and soybeans rallied higher.
Wheat opened Thursday’s session mixed with Mpls and KC lower while Chicago opened with gains. By the end of the night session all three of the wheat exchanges were trading with minor changes from Wednesday. Early pressure was due to last week’s disappointing export sales pace, which came in at the bottom of expectations. China showed up in the export sales estimate today, which might have brought a bit of buying into the wheat complex. But the biggest supporting factor was due to the support from the sharply higher soybeans and hope that wheat exports will continue to expand.
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 $5.70 down 8.25 cents, March Chicago was at $5.2975 down 8.25 cents, March KC was at $5.3125 down 13.5 cents.