Wheats Closed Higher for Turnaround Tuesday
Front month wheat futures rebounded some on Tuesday. The Chicago contract is now at a net 6 cent loss for the week. KC HRW futures led the way higher with 2% gains, leaving the March contract a net 1 ¼ cents in the red for the week. Spring wheat futures were 5 to 6 cents stronger on the day, leaving March with a net 2 ½ cent gains.
Weekly wheat shipments were shown at 284,792 MT for the week that ended 12/12. The Export Inspections report marked that below the 317k MT last week and the 304k MT from the same week last year. USDA showed the season’s total volume reached 8.926 MMT compared to the 11.44 MMT at this point last year.
Chinese Customs data showed 660k MT of wheat was imported during November, compared to 1.01 MMT during Nov ’22. The full year’s 11.5 MMT remains 29.4% of last year’s pace.
Egypt’s GASC issued an international tender for wheat, quantities to be decided today after the offers are made, for Feb delivery. Pakistan is on the market for 110k MT of wheat. Saudi Arabia’s GFSA announced 1.353 MMT of optional origin wheat purchases made via a weekend tender – with wire sources believing the bulk of it will end up being Russian.
Mar 24 CBOT Wheat closed at $6.22 3/4, up 5 3/4 cents,
May 24 CBOT Wheat closed at $6.33 1/4, up 5 1/4 cents,
Mar 24 KCBT Wheat closed at $6.41 1/2, up 13 3/4 cents,
Mar 24 MGEX Wheat closed at $7.28 1/4, up 6 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.
