Winter Wheat Extends Losses in KC

The wheat market is continuing yesterday’s correction. Chicago futures are the firmest with a 1/2 cent drop so far in the front month. KC wheat futures are down by 1 3/4 cents at midday, and spring wheat futures are 1 1/4 cents higher. CBT spot futures prices had traded at the highest level since August 2018 in the overnight session. Traders anticipate the day delayed Export Sales Report to have wheat bookings 300k-700k MT for the week ending 01/16. Russian FOB prices continue to climb since their September bottom. Recent quotes are $226/MT ($6.15/bushel). The country exported 21.8 MMT of wheat from July 1 to Jan 16 according to the Russian Ag Ministry. French prices have also firmed as frequent strikes interrupt grain movement. Japan bought 108,926 MT of Canadian and American wheat in the weekly MOA tender.

Mar 20 CBOT Wheat is at $5.77 1/4, down 1/2 cent,

Mar 20 KCBT Wheat is at $4.90 3/4, down 1 3/4 cents,

Mar 20 MGEX Wheat is at $5.56 3/4, up 1 1/4 cents,

--- provided by Brugler Marketing & Management

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