Wheat Mixed again For Midday

More weakening of the SRW premium is the story going into the three day weekend. SRW prices are UNCH to 2 1/4 cents in the red. KC HRW futures are up 1 to 5 1/4 cents, and HRS futures are trading fractionally to 1 1/4 cents in the black. Wheat markets opened the last trade day of the week with gains of 6 to 15 cent but have faded. Since the 47 3/4 cent high on Jan 5, the CBT/KC premium has dropped 41% to 28 cents. Over the same time, the spot board premium of Chicago to Minneapolis fell 43% to 29 cents. IGC sees 1 MMT less of world wheat production, forecasting 768 MMT. Wheat stocks were reduced 1 million as well, to 294 MMT. Russia announced discussions to extend the export tax through the next crop cycle, that follows a recent decision to raise it from 25 Euros/tonne to 50 Euros/tonne.

Mar 21 CBOT Wheat is at $6.70, unch,
Mar 21 KCBT Wheat is at $6.41 3/4, up 5 1/4 cents,
Mar 21 MGEX Wheat is at $6.41 3/4, up 1 1/4 cents,

--- provided by Brugler Marketing & Management




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