Overnight wheat trade pushed the rally back by double digits at the lows, though futures across all markets are currently 7 to 15 cents in the red. December SRW got to within a couple ticks of limit up at the Monday high. Prices backed off during the afternoon, but the board still closed 38 to 57 3/4 cents higher and above the $9/bu mark. KC HRW futures ended the day with 4.3% to 5.7% gains of as much as 55 cents to above the $10/bu mark. Spring wheat futures closed 35 to 46 cents higher and prices are +$10/bu through Sep ’23. Â
The rally is being driven by widespread Russian missile attacks in Ukraine and doubt that the US export deal from southern Ukraine ports will be renewed in November. Russia called their wheat export tax as 1,927 rubles/tonne (~$31.18), down from last week’s 2,119 rubles.Â
China announced their 2023 wheat TRQ as 9.366 MMT – which is unchanged from this year.Â
Dec 22 CBOT Wheat  closed at $9.38, up 57 3/4 cents, currently down 7 cents
Mar 23 CBOT Wheat  closed at $9.51 1/2, up 56 1/2 cents, currently down 9 1/2 cents
Cash SRW Wheat  was $8.71 ¼ on Monday, jumping 57 3/4 cents,
Dec 22 KCBT Wheat  closed at $10.24 1/4, up 55 1/2 cents, currently down 7 1/2 cents
Cash HRW Wheat  was $9.82 1/8 on Monday, up 55 1/2 cents,
Dec 22 MGEX Wheat  closed at $10.14 1/4, up 46 1/4 cents, currently down 10 1/4 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.
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