Wheat Markets Stronger on Wednesday

Going home on Wednesday, front month wheat futures had extended their bounce by double digits again. Chicago prices were up 3.3% to 3.75% at the bell, which left the May contract a penny under the $8 mark. KC wheat got back above the $8 mark on 3.5% to 3.6% gains. Spring wheat futures closed 2.9% to 3.6% higher with March having gained 32 3/4 cents.

Weekly Export Inspections data showed 369,188 MT of wheat was shipped during the week that ended 1/13. That was up 135k MT wk/wk and 85k MT yr/yr. MYTD wheat shipments still trail last season’s pace by 17.8% with 12.8 MMT shipped through 1/13. 

BAGE estimated Argentina’s 2021/22 wheat crop at a record 21.8 MMT on a 3.44 MT/HA average yield. USDA’s Jan WASDE report pegged Argentine output at 20.5 MMT. 

Mar 22 CBOT Wheat  closed at $7.96 1/2, up 27 1/2 cents,

Cash SRW Wheat  was $7.56 1/8, up 27 3/4 cents,

Mar 22 KCBT Wheat  closed at $8.00, up 27 1/4 cents,

Cash HRW Wheat  was $7.82 5/8, up 27 5/8 cents,

Mar 22 MGEX Wheat  closed at $9.39 3/4, up 32 3/4 cents,