Wheat Rally Continues through Tuesday
The front month wheat futures market continued the strength through Tuesday with another round of gains. March Chicago wheat was up by 10 ¾ cents, and now sits 29 cents off the low. KC wheat prices were up by a nickel across the front months. Spring wheat futures were up by 2 ¾ to 3 cents at the close.
USDA reported another 198k MT SRW sale this morning, to China for 23/24 delivery. Egypt’s GASC is tendering for wheat to import, with results expected later today.
Ukraine reported that 7 MMT of cargo has been shipped via the Odesa port since August 8th, when the Navy initiated their own export corridor. Of that, 5 MMT was listed as grain. The port has also welcomed 226 ships safely during the same time.
ABARES raised their wheat crop by 100k MT to 25.5 MMT citing recent rains but raising concerns regarding late season quality degradation.
USDA’s monthly S&D reports on Friday are expected to show the wheat carryout 100k bushels looser to 684.1 mbu, basically a rounding error vs. unchanged. The global situation is expected to loosen by 200k MT on average.
Dec 23 CBOT Wheat closed at $6.20 3/4, up 25 cents,
Mar 24 CBOT Wheat closed at $6.31 1/4, up 10 3/4 cents,
Cash SRW Wheat was $4.75 5/8, up 11 5/8 cents,
Mar 24 KCBT Wheat closed at $6.62 3/4, up 5 cents,
Cash HRW Wheat was $5.47 3/8, up 5 1/4 cents,
Mar 24 MGEX Wheat closed at $7.39, up 2 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.
