Monday wheat trading started the new trade month of March with losses. SRW futures ended 6 to 11 1/4 cents weaker with May contracts at $6.50 1/4. HRW prices closed down 8 to 10 1/2 cents. The new crop SRW/HRW spread was again favoring SRW by 6 3/4 cents at the close. Minneapolis spring wheat ended 5 1/4 cents in the red. There were a huge 1,268 deliveries against KC March wheat, but there were no overnight delivery notices against March CBT wheat.

Wheat export data from USDA’s Export Inspections report confirmed 272,820 MT of wheat were shipped on the week ending 2/25. That was down 16% wk/wk and 58% below shipments from the same week last year. HRS and white wheat again led the shipping program with 95k TM and 80.6k MT respectively. HRS exports sit at 66% of the USDA Feb forecast, and white wheat shipments are 65% using weekly data. China sold 1.682 MMT of wheat in last week’s state reserves auction. That was about 42% of the offer, for an average price of 2,374 yuan/MT (just under $10/bu).

--- provided by Brugler Marketing & Management

SRW Wheat Prices by Barchart

HRW Wheat Prices by Barchart

HRS Wheat Prices by Barchart