Wheat Market Recap Report
Mon 04 Feb 2013 15:03:17 CT
Related Keywords: Agriculture

March Wheat finished down 2 at 763, 11 off the high and 2 up from the low. May Wheat closed down 2 1/2 at 770 3/4. This was 2 up from the low and 11 off the high.

KC and Chicago wheat traded lower into the closing bell on weak export demand data which favored the bear camp. Grain inspections failed to impress the market and shipments for the week ending January 31st were pegged at 15.2 million bushels vs. 22.3 the week prior. Shipments needed each week to reach the USDA export estimates are 26.1 million bushels, up from 25.5 the week prior. The cumulative shipment pace is now 57% of the USDA export estimate vs. the 5 year average of 65%. The slow pace of sales and shipments is considered a negative to the price outlook and some suggest the USDA may cut export demand in this Friday's Supply and Demand report. As a result, the all wheat carryout is as risk of rising. Additional pressure stemmed from a wetter forecast for the western plains and eastern Corn Belt over the next 2 weeks.

March Oats closed up 1/2 at 359 3/4. This was 1 1/4 up from the low and 5 1/4 off the high.


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