Double Digit Gains for Hard Red Wheats
The wheat market finished the session with double digit gains in KC and MGE. KC futures closed near the session high with 1.7% to 3.9% gains. March was back above the $6 mark after a 22 ½ cent gain on Monday. Spring wheat futures 14 ¾ to 15 ¾ cents stronger for the close. Chicago prices were also in the black on the day, though futures were 4c off the high for 5 ½ to 6 ¼ cent gains.
Winter wheat fields in the ECB will get residual moisture from the N.E. coastal snows and the heavy Gulf rains. Southern IL through Southeastern OH are expected to get 2-2 1/2” of rainfall equivalent precip in the updated 7-day QPF from NOAA.
Weekly wheat exports were 353,137 MT via the export inspections report. That was down from 482k MT last week and was similar to the volume during the same week last year. SRW was the bulk of the week’s export with over 115k MT of the total. Mexico was the top destination, though China was #2 with 59k MT shipped there during the week. The accumulated wheat exports reached 12.97 MMT vs 15.65 MMT at this point last year.
Russia’s SovEcon has Feb wheat shipments at 3.8 MMT, which is up from 3 MMT last season. The 23/24 total was forecasted at 48.6 MMT, which is below USDA’s 51 MMT forecast. Ukraine’s Ag Ministry reported spring wheat planting is underway, as 800 HA were planted in the South as of 3/1.
Mar 24 CBOT Wheat closed at $5.63 1/2, up 3 1/2 cents,
May 24 CBOT Wheat closed at $5.64, up 6 1/4 cents,
May 24 KCBT Wheat closed at $5.80 1/4, up 15 3/4 cents,
May 24 MGEX Wheat closed at $6.59 1/2, up 15 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
