The wheat futures market softened on Wednesday with a wobble back move. Chicago SRW futures were down by as much as 2 cents, which was not enough to fully offset Tuesday’s rally. March SRW is at a net 19c gain for the week. KC futures were down by 4 to 8 ½ cents. Spring wheat futures in Minneapolis closed the Wednesday session down 3 ¾ to 6 ¼ cents.  

The weekly Crop Progress report from TX showed winter wheat was 15% headed as of 2/18, compared to 11% on average. Conditions were 40% G/E for a Brugler500 score of 319. KS, OK, and a handful of other states will issue a Feb summary update for the week of 2/25. 

The weekly Export Inspections data had 380,774 MT of wheat exported for the week that ended 2/15. That was down 27k MT from the week prior, but was slightly higher vs the same week last year. Accumulated wheat shipments remain 17.5% behind last year’s pace with 12.09 MMT shipped. 

Japan issued a regular tender seeking 116k MT of wheat from U.S., Canada, and Australia. 

Mar 24 CBOT Wheat  closed at $5.83 1/4, up 1/2 cent,

May 24 CBOT Wheat  closed at $5.78, down 1 1/4 cents,

Mar 24 KCBT Wheat  closed at $5.77 1/4, down 8 1/2 cents,

Mar 24 MGEX Wheat  closed at $6.59 1/4, down 6 1/4 cents,