Front month wheat futures closed the Tuesday session with additional losses. CBT wheat futures closed the session 7 to 7 3/4 cents in the red, with a 14 3/4 cent drop for in delivery December contracts. KC ended the session 7 3/4 to 8 cents in the red. MPLS spring wheat futures was 3 1/2 to 4 1/2 cents lower. Estimates ahead of Stats Canada’s Crop Production report average 34.6 MMT of wheat production, which would be a 455k MT increase if realized. A Russian report suggests 22% of winter grain is in poor condition, the portion largest for the category since 2013. Japan’s MOA issued the regular food wheat tender seeking 67k MT from U.S. and 60k MT from Canada and Australia. ABARES hiked projected Aussie production to 31.17 MMT, which would be the largest since the 31.819 MMT in 2016/17.
|Mar 21 CBOT Wheat closed at $5.77 1/4, down 7 3/4 cents,|
|Mar 21 KCBT Wheat closed at $5.39, down 8 cents,|
|Mar 21 MGEX Wheat closed at $5.49 1/4, down 3 3/4 cents,|
--- provided by Brugler Marketing & Management