Wheat Closes Lower Thursday

The wheat/corn spread tightened up some with wheat closing the day weaker. SRW futures were down by as much as 7 cents nearby. The Chi wheat/corn spread fell to $1.36 1/2 nearby. For December futures, the premium is still above $2/bu. KC wheat closed the day fractionally to 1 1/4 cents in the red. The HRW/corn ratio was 1.212 for nearby, and 1.44 for new crop December. Spring wheat futures closed the Thursday session with new crop gains but 1 to 2 1/4 cent losses for the front months. USDA announced a private HRW export sale for 138,000 MT to Nigeria for 21/22 delivery. Algeria bought 390k MT of wheat, but paid more for it relative to end of December prices. Ahead of the weekly Export Sales report traders anticipate USDA to show between 250,000 and 600,000 MT of wheat bookings. New crop wheat sales are estimated to be below 50,000 MT for the week ending 1/14.   

Mar 21 CBOT Wheat closed at $6.60 3/4, down 7 cents,
Mar 21 KCBT Wheat closed at $6.35 3/4, down 1 1/4 cents,
Mar 21 MGEX Wheat closed at $6.35 1/4, down 2 1/4 cents,

--- provided by Brugler Marketing & Management

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