Most ag futures rallied out of the weekend, only to give the Middle East risk premium back through the day trade. Chicago wheat futures were also off their highs by 8 ¾ cents for the close, but had held on to 4 ½ to 6 ½ cent gains. KC Wheat was the strongest on Monday, having gained over 1.7% across the front months. MGE futures settled the first trade day of the week with 9 to 10 cent gains.
The weekly Export Inspections report and the Crop Progress update will be delayed until tomorrow in recognition of Columbus / Indigenous Peoples’ Day.
Traders expect USDA to loosen wheat ending stocks by 34 mbu on Thursday’s report day. The full range of estimates is from 582 mbu (-33) to 693 mbu (+78).
Dec 23 CBOT Wheat closed at $5.72 3/4, up 4 1/2 cents,
Mar 24 CBOT Wheat closed at $6.03 1/2, up 5 1/2 cents,
Cash SRW Wheat was $4.91 5/8, up 5 1/4 cents,
Dec 23 KCBT Wheat closed at $6.86, up 12 1/4 cents,
Cash HRW Wheat was $6.24 5/8, up 12 1/4 cents,
Dec 23 MGEX Wheat closed at $7.31, up 10 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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