The wheat market managed to get a Turnaround Tuesday bounce. Chicago SRW contracts were up 9 ½ to 12 ¼ cents on the session. Kansas City HRW contracts closed out the day with 4 ¾ to 6 ¼ cent gains. MPLS spring wheat was 6 to 10 ¼ cents higher across most contracts.
The next 7 days looks pretty dry across much of the Central Plains and further East, with just light totals (<1/4 inch) expected in parts of HRW and SRW country.
Reports of a Russian strike on a Ukrainian port in Odesa gave the market some support later in the session. With that said, the market has failed to put much extended reaction in the Black Sea situation as of late.
Algeria, normally large buyer, is back in the market for wheat.
Dec 23 CBOT Wheat closed at $5.55, up 11 1/2 cents,
Mar 24 CBOT Wheat closed at $5.82 3/4, up 12 1/4 cents,
Cash SRW Wheat was $4.75 5/8, up 11 5/8 cents,
Dec 23 KCBT Wheat closed at $6.15 3/4, up 5 1/4 cents,
Cash HRW Wheat was $5.47 3/8, up 5 1/4 cents,
Dec 23 MGEX Wheat closed at $7.17 1/2, up 10 1/4 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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