Wheat Futures Close Mostly Higher on Monday
Wheat futures pulled off their highs for the close, but were mostly higher across the domestic markets. KC futures were fractionally to a penny weaker in old crop but fractionally higher in the new crop contracts. Chicago SRW ended the day 2 ¼ to 3 ¼ cents in the black, though March ended sub-$6. MGE HRS prices closed out the day fractionally to 5 cents higher, though March held above $7.
USDA’s weekly Export Inspections data showed 314,521 MT of wheat was exported during the week that ended 1/18. That was up from 242k MT the week prior, but was 35k MT shy of last year’s volume for the same week. The report had China as the top destination, followed by Mexico. USDA also added 31.4k MT of wheat shipments to past reports bringing the season’s total shipment to 10.7 MMT, compared to 12.78 MMT at this point last season. Friday’s FAS data had 5.9 MMT of unshipped wheat sales on the books as of 1/11.
Mar 24 CBOT Wheat closed at $5.96 1/2, up 3 1/4 cents,
May 24 CBOT Wheat closed at $6.06 1/2, up 3 cents,
Mar 24 KCBT Wheat closed at $6.07, down 1 cent,
Mar 24 MGEX Wheat closed at $7.00 1/2, up 5 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.
