After digesting USDA’s report through the weekend, wheat futures closed the Monday session up by double digits. KC wheat led the rally with +20 cent gains of 2.7% to 3.5%. CBT prices ended with 2.3% to 2.8% gains on Monday. Spring wheat prices closed with 0.9% to 1.6% gains of as much as 14 ¾ cents. The board shows March spring wheat at a 23 cent discount to Dec and a 17 cent discount in March KC wheat relative to the Dec. In Chicago wheat, March has a 21 3/4 cent carry from the Dec contract. None of the Dec wheat contracts traded today, as they will roll off the board on Wednesday.
The weekly Export Inspections report showed 218,460 MT of wheat was shipped during the week that ended 12/8. That was down 123k MT wk/wk and 50.5k MT from the same week last year. Japan and Mexico were the week’s top destinations. Accumulated wheat exports remain 286k MT behind last year's pace with 11.135 MMT shipped through 12/8.
Importers from the Philippines are tendering for 110k MT of feed wheat. Belarus told the UN that they will allow Ukrainian grain export transit through their territory without preconditions. Ukraine’s Infrastructure Ministry reported that the Black Sea port of Odesa is resuming operations after losing power.
NOAA’s 7-day QPF shows precip for most of the CONUS this coming week. Eastern KS and OK are expected to get 0.1 to 1” of rainfall equivalent. In North Dakota, NOAA has as much as 2” of rainfall equivalent moisture through the week. Notably, North and Western TX will miss out.
Dec 22 CBOT Wheat closed at $7.33, up 20 1/4 cents,
Mar 23 CBOT Wheat closed at $7.54 3/4, up 20 1/2 cents,
Cash SRW Wheat was $6.91 1/8, up 23 5/8 cents,
Dec 22 KCBT Wheat closed at $8.80, up 29 1/4 cents,
Cash HRW Wheat was $8.26 1/2, up 29 3/8 cents,
Dec 22 MGEX Wheat closed at $9.39 1/2, up 12 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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