Spring Wheat Futures Market News and Commentary
Wheat futures are currently 2 to 3 cents lower across all three US markets. Wheat was mixed on Monday. Chicago SRW futures closed with the biggest drops, as futures were 3/4 to 2 1/4 cents lower on Monday. KC HRW futures were firm to mostly higher on Monday, albeit gains were limited to 3/4 cents per bushel. MPLS spring wheat was fractionally lower, with the deferred contracts posting gains of 1/4 to 1 1/4. USDA’s weekly export inspections report showed wheat exports were 223,994 MT for the week ending 01/23. That is down both yr/yr and wk/wk, by 39.07% and 56.62% respectively. MYTD US shipments were at 16.224 MMT vs. 14.384 MMT a year ago. MYTD shipments for the EU were 15.94 MMT, which is 68.86% ahead of last year’s pace. Russian FOB prices have climbed to $231-232 per metric tonne, and the shipping pace is slower than year ago.
--- provided by Brugler Marketing & Management