So far for the Tuesday trade the wheat market is working another 3 to 7 cents in the black. Monday 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 on Monday, and they will roll off the board on Wednesday.  Preliminary open interest dropped 2,482 contracts in Chicago on Monday, short covering. KC Wheat showed some net new buying, up 1,278 contracts.
There were 246 delivery notices against Chicago December overnight, mostly from Marex and Cunningham clients. The latter were also the biggest stoppers, although Dreyfus continues to absorb some.Â
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.Â
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. Â
Dec 22 CBOT Wheat  closed at $7.33, up 20 1/4 cents, currently UNCHÂ
Mar 23 CBOT Wheat  closed at $7.54 3/4, up 20 1/2 cents, currently up 5 3/4 cents
Cash SRW Wheat  was $6.91 1/8, up 23 5/8 cents,
Mar 23 KCBT Wheat  closed at $8.62, up 29 1/4 cents, currently up 7 3/4 cents
Cash HRW Wheat  was $8.26 1/2, up 29 3/8 cents,
Mar 23 MGEX Wheat  closed at $9.16 1/4, up 12 cents, currently up 7 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.
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