The corn and soybean markets surged out of the weekend, pulling wheat higher as well. The front month Chicago futures were up by 2 to 3 ¾ cents at the close. Nearby KC prices strengthened by 1 ¼ to 1 ½ cents. Spring wheat prices were 1 ½ to 2 cents higher across the front months on Monday.
The Crop Progress report had 93% of the winter wheat crop planted as of 11/12. That is up 3% from last week and compares to 93% on average. KS was marked at 97% finished. Emergence was reported at 81%. Conditions converted to a 331 on the Brugler500 Index, from 335 last week.
USDA’s weekly Export Inspections report had 207,205 MT of wheat shipped for the week that ended 11/09. That was up from 114k MT last week and from 170k MT during the same week last year. White wheat made up 78k MT of the total, followed by 56k MT of HRS. USDA showed the season total at 7.443 MMT, compared to 10 MMT at the same point last year.
Ukraine’s Ag Ministry reported 51.3 MMT as of 11/10, including 22.4 MMT of wheat. That is up 15% from last year.
Dec 23 CBOT Wheat closed at $5.79, up 3 3/4 cents,
Mar 24 CBOT Wheat closed at $6.02 1/4, up 3 cents,
Cash SRW Wheat was $4.98 5/8, up 4 1/8 cents,
Dec 23 KCBT Wheat closed at $6.41 1/2, up 1 1/2 cents,
Cash HRW Wheat was $5.73 7/8, up 1 3/8 cents,
Dec 23 MGEX Wheat closed at $7.28 3/4, down 1 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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