Wheat Posts Tuesday Gains
Wheat futures were heading higher on Tuesday, with gains across the three markets. MPLS spring wheat was the leader to the upside, with 6 to 8 cent gains at the close. KC HRW futures were also heading higher, up 5 to 7 cents across most contracts. Chicago SRW futures were 4 to 5 cents higher to close out the session.
USDA’s weekly Export Inspections report showed a total of just 249,812 MT (9.2 mbu) of shipped in the week of 2/13. That was down 56.2% from last week and 40.56% below the same week last year. Mexico was the largest buyer of 68,986 MT in that week, with 68,699 MT headed to South Korea. Marketing year shipments have totaled 14.849 MMT (545.6 mbu), which is 22.4% above the same week in 2024.
Saudi Arabia purchased 920,000 MT of wheat in their tender on Monday. Japan has issued a tender to buy 96,160 MT of wheat from Australia, Canada, and the US, with 34,890 MT US specific.
Mar 25 CBOT Wheat closed at $6.04 3/4, up 4 3/4 cents,
May 25 CBOT Wheat closed at $6.17 3/4, up 4 1/4 cents,
Mar 25 KCBT Wheat closed at $6.27 1/4, up 6 cents,
May 25 KCBT Wheat closed at $6.39 1/4, up 6 1/2 cents,
Mar 25 MGEX Wheat closed at $6.41, up 7 1/2 cents,
May 25 MGEX Wheat closed at $6.55 3/4, up 6 1/2 cents,
On the date of publication, Austin Schroeder 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.More news from Barchart
