Wheats Bouncing for Turnaround Tuesday

Nearby wheat futures are trading off their lows and up by 2 to 8 ½ cents for the day. KC is leading the Tuesday rally with a 1.3% gain in March. Chicago wheat futures are 12 cents off the daily low and working 4 ½ to 5 ½ cents in the black. March is battling at the $6 round number mark. MGE wheat futures are also off the lows for the day and 2 to 4 cents higher. March remains sub $7 at midday. Oats Futures Prices  are up by over 2% and back to their 40day moving average.

State Crop Progress data had KS winter wheat conditions scoring a 54% G/E rating (343 on the Brugler500 scale). CO winter wheat rated 63% G/E (354 on the Brugler500 scale). That was up from 61% in the previous report (351). In NE, winter wheat was rated 69% G/E (372). 

Weekly FGIS Inspections data showed 264,666 MT of wheat was exported during the week of Jan 25, below even depressed trade expectations. That was down from 315k the week prior and was 181k MT below the same week last year. The report showed 128k MT of the total was spring wheat. The season’s total wheat shipment reached 10.99 MMT compared to 13.2 MMT at the same time last year. 

Egypt’s Supply Minister announced the country does not plan on inducing a hedge strategy against 24/25 wheat imports – citing the lower prices compared to last year. The Philippines issued two international wheat tenders for 40-50k MT of feed wheat. 

Mar 24 CBOT Wheat  is at $6.00 1/4, up 6 3/4 cents,

May 24 CBOT Wheat  is at $6.10, up 6 1/4 cents,

Mar 24 KCBT Wheat  is at $6.28, up 9 3/4 cents,

Mar 24 MGEX Wheat  is at $6.97, up 3 3/4 cents,