Spring wheat futures were left out of most of the domestic wheat rally on Tuesday, but futures turned positive for the close with 3 3/4 to 6 1/4 cent gains. The winter wheats stayed mostly higher through the day, with SRW ended up by 7 to 8 cents and HRW gaining as much as 12.
Russia’s Putin suggested holding additional wheat stocks domestically could be more beneficial than the export revenue. Some believe this to be a hint at wheat export quotas in the future.
Weekly wheat export inspections were 320,473 MT for the week that ended 1/12. That was up 111k MT from last week, but was down 66k MT from the same week last year. Soft white was the top variety exported for the week with 130k MT of the total. The Philippines and China were the top destinations for the week.
The EU Commission reported wheat exports remain 6% ahead of last year’s pace with 17.7 MMT shipped MYTD.
Algeria booked +500k MT of wheat via tender, mostly to be sourced from the Black Sea.
Mar 23 CBOT Wheat closed at $7.51 3/4, up 8 cents,
May 23 CBOT Wheat closed at $7.59, up 7 cents,
Cash SRW Wheat was $6.97 5/8, up 9 1/4 cents,
Mar 23 KCBT Wheat closed at $8.55 3/4, up 12 cents,
Cash HRW Wheat was $8.21 5/8, up 12 cents,
Mar 23 MGEX Wheat closed at $9.16, up 3 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. For more information please view the Barchart Disclosure Policy here.
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