Tidbits, Wheat, Climate Change, Crude Oil 2/14/26
- Wright team
- 22 minutes ago
- 5 min read
Tidbits
Wheat: Exporters announced yesterday that South Korean mills purchased 50,000 mts of U.S. wheat and 40,000 mts of Canadian wheat. The Koreans must have bought soft red winter wheat for immediate shipment because March soft red winter wheat was down 3¾¢ yesterday and all the other soft red winter contracts were 9 to 10¢ lower.
Even more amazing is the SRW March wheat futures gained 10¼¢ on the May, and settled inverted, meaning the nearby contract (March) is at a higher price than the deferred. That means no return to storage. The market wants your soft red winter wheat now!
The move was so powerful, somebody goofed. Maybe somebody at a wheat trading company made a mistake and needed a train load or shipload of soft red winter wheat three days ago and did not realize it until yesterday. Possibly a spec fund manager got spooked and liquidated his short March wheat position. There will be a lot of commentary about this unusual move in the coming days. The hard wheat contracts were all down 5 to 12¢. The following spread chart is courtesy of Allen Gard at Clear Focus Hedging.
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