Front month wheat futures rallied with corn and soybeans to close up by double digits. The spring wheat market missed out some, closing fractionally mixed to 5 3/4 cents. The weather forecast is wetter for MN and WI over the next week, which may have kept MPLS bulls cautious. The winter wheat futures were up by 16 3/4 to 17 1/2 cents higher in Chicago and by 12 to 15 cents in Kansas City.
The UkrAgroConsult raised their expected 23/24 wheat exports 2 MMT for Russia after the termination of the Grain Corridor deal with Ukraine, taking them to 47 MMT. They also bumped up Russia’s old crop shipments 4.8 MMT higher to 46.8 MMT. Russia attacked port facilities in Odessa, with some damage reported despite most of the missiles and drones failing to penetrate the defenses.
Sep 23 CBOT Wheat closed at $6.70 3/4, up 17 cents, currently up 25 1/2 cents
Dec 23 CBOT Wheat closed at $6.90 1/2, up 16 3/4 cents, currently up 26 cents
Cash SRW Wheat was $6.11 5/8, up 16 5/8 cents,
Sep 23 KCBT Wheat closed at $8.27 1/4, up 12 cents, currently up 19 3/4 cents
Cash HRW Wheat was $7.82 5/8, up 12 cents,
Sep 23 MGEX Wheat closed at $8.77 1/2, down 3/4 cent, currently up 14 1/2 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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