
Wheat futures are steady to 4 cents higher this morning, with KC HRW again the firmest with 4 cent gains. Yesterday, wheat prices extended their push setting new LOC highs again in the winter wheat futures. CBT SRW prices added another 9 1/2 to 10 1/4 cents to the upside, taking December to the highest level for the front month since 2012. The high that year was $9.47 in July. December HRW set a new life of contract high of $8.79 1/2 during the double digit rally day. Spring wheat futures were also double digits higher at the close, having gained 13 3/4 to 16 1/2 cents in the front months. December contracts stayed comfortably under their October high, while new crop September MPLS futures set new contract highs on Tuesday.
Reports from Australia cite poorly timed harvest rains and predicted accumulations of up to 5 inches. Looking ahead to 22/23 output, Australia’s Weather Bureau cited La Nina rain patterns for a potential 17% boost to yields, but quality is now an issue.
Dec 21 CBOT Wheat closed at $8.56, up 10 1/4 cents, UNCH this morning
Cash SRW Wheat was $8.07 3/8 yesterday, up 10 3/8 cents,
Dec 21 KCBT Wheat closed at $8.78 3/4, up 17 cents, up 4 ¼ this morning
Cash HRW Wheat was $8.57 yesterday, up 16 7/8 cents,
Dec 21 MGEX Wheat closed at $10.38 1/4, up 14 3/4 cents, up 1 ¾ this morning