The wheat complex held the Monday strength into the clsoe, as escalating tensions in the Black Sea gave the market a risk on approach. Chicago SRW futures were up 9 to 11 3/4 cents on the day. KC HRW contracts posted gains of 10 3/4 to 15 1/4 cents on the session. MPLS spring wheat was up 11 1/4 to 13 1/4 cents.
Over the weekend President Biden gave the greenlight to allow Ukraine to use US long range missiles inside of Russia. The wheat market has been muted in much reaction to the nearly 3 year conflict, though this does provide some short covering fuel.
The weekly Crop Progress report from NASS showed the US winter wheat crop at 94% planted as of 11/17, lagging the average by 2 percentage points, with emergence at 84% complete. Condition ratings of the crop were improving anther 5% at 49% gd/ex, as the Brugler500 index was up 12 points to 338. The next 7 days does look to dry out in much of the Southern Plains, with parts of SRW country seeing very light totals.
This morning’s Export Inspections report showed a total of just 196,281 MT (7.2 mbu) of wheat shipped in the week that ended on November 14. That was down 44.44% from last week an 48.08% lower than the same week last year. Mexico was the largest destination of 63,669 MT, with 57,744 MT headed to Taiwan and 43,713 MT to South Korea. Marketing year shipments have totaled 10.325 MMT (379.37 mbu) to date, which is 31.37% above the same week last year.
Dec 24 CBOT Wheat closed at $5.47 1/4, up 10 3/4 cents,
Mar 25 CBOT Wheat closed at $5.65 3/4, up 11 3/4 cents,
Dec 24 KCBT Wheat closed at $5.55 1/4, up 15 1/4 cents,
Mar 25 KCBT Wheat closed at $5.67, up 14 3/4 cents,
Dec 24 MGEX Wheat closed at $5.85, up 12 3/4 cents,
Mar 25 MGEX Wheat closed at $6.04 1/4, up 13 cents,
More news from Barchart- Wheat: What's Bullish, What's Bearish and What To Watch Next
- Grains Recover in Q3- What are the Prospects for Q4 and Beyond?
- The Interesting Set-Up In The Physical Wheat Market And Why It Matters
- Will Grains and Oilseeds Find Bottoms?
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
