Wheat futures held up amid the chaos on Monday. Funds were going to a larger cash allocation, which in Chicago’s case meant buying back shorts. Chicago wheat futures were up 4 to 5 ½ cents on the day. Kansas City contracts were 1 to 3 cents in the green. MPLS Spring wheat futures were the strongest, up 2 1/2 to 8 cents at the close on Monday.
Individual state crop progress reports were released on Monday afternoon, with KS rated at 17% gd/ex (unch) and a Brugler500 score of 239 (+1). Texas ratings were down 2% to 17% gd/ex, with the Brugler500 index at 247, down 2 points.
All wheat exports during the week of March 9th totaled 249,017 MT. Compared to last week that is a 27% drop, and is also 19.05% smaller than the same week last year. The destinations were pretty spread out, with Mexico getting 41,517 MT, 35,155 MT for El Salvador, and 35,034 MT headed to Malaysia. Total inspections YTD are now15.903 MMT, or 2% lower vs. last year.
Saudi Arabia purchased 1.043 MMT in an optional origin tender, with delivery set for July through August. Algeria was also tendering for wheat, with report showing at least 420,000 MT purchased. Eyes will likely be on the Black Sea Grain Corridor program this week, as it is set to expire this weekend unless an extension is agreed upon.
May 23 CBOT Wheat closed at $6.84 1/2, up 5 1/4 cents,
Jul 23 CBOT Wheat closed at $6.95 1/2, up 5 1/2 cents,
Cash SRW Wheat was $6.32 3/8, up 9 cents,
May 23 KCBT Wheat closed at $8.00 1/2, up 2 1/4 cents,
Cash HRW Wheat was $7.64, up 2 1/4 cents,
May 23 MGEX Wheat closed at $8.32 1/2, up 8 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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