Wheats Rally Double Digits on Monday

SRW wheat futures closed the day with a 3.3% gain in the Dec contract, and with 17 cent gains for the other front months. KC HRW futures settled the Monday session 10 to 11 ¼ cents in the black. Spring wheat was mostly left out as gains were limited to 6 ¼ cents. 

USDA reported a private 440k MT SRW wheat sale to China this morning for 23/24 delivery. 

The weekly Export Inspections report had 187,955 MT of wheat shipments for the week ending 11/30. That compared to 288k MT last week and 342k MT from the same week last year. Over 100k MT of the week’s total was listed as HRS. USDA had the season total at 8.324 MMT as of 11/30, down from 10.917 MMT last year. 

Wheat production in Canada was listed at 31.954 MMT via StatsCan’s data release. Traders were looking for between 29.3 and 32.3 MMT going into the report, with 31.1 as the average estimate. By class, StatsCan showed a 4.04 MMT durum crop (below the 4.5 MMT average trade guess), a 24.76 MMT spring wheat crop (24 expected), and a 3.15 MMT winter wheat crop. 

 

Dec 23 CBOT Wheat  closed at $5.95 3/4, up 18 3/4 cents,

Mar 24 CBOT Wheat  closed at $6.20 1/2, up 17 3/4 cents,

Cash SRW Wheat  was $4.75 5/8, up 11 5/8 cents,

Mar 24 KCBT Wheat  closed at $6.57 3/4, up 11 cents,

Cash HRW Wheat  was $5.47 3/8, up 5 1/4 cents,

Mar 24 MGEX Wheat  closed at $7.36 1/4, up 6 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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