Wheat Bounces Higher After Monday Meltdown

Wheat futures are 2 to 6 cents higher as the sun comes up on the Tuesday session in the US. Domestic wheat futures were down on Monday to start the new week. Chicago futures gave back 2.7% to 3.2% on the day. KC HRW closed the day with 2.5% to 2.6% losses. MPLS wheat gave back 1.5% to 1.7% on Monday but held above the $9 mark for March and May contracts. 

USDA reported 361,375 MT of wheat shipments from the week that ended 1/27 in the weekly Export Inspections report. That was 12% below last week and 12.7% under the same week last year. Half of the week’s export was HRW wheat, with another 94k MT of the total as spring wheat. The weekly report listed MYTD accumulated wheat shipments as 13.592 MMT as of 1/27. That compares to 16.566 MMT through the same week last year. 

The Russian wheat export tax for the week was reported at $93.90/MT. That was down from $95.80/MT the previous week.  

Mar 22 CBOT Wheat  closed at $7.61 1/4, down 25 cents, and up 5 ½ this morning

Cash SRW Wheat  was $7.16 on Monday, down 30 3/4 cents,

Mar 22 KCBT Wheat  closed at $7.81 1/4, down 21 cents, and up 2 ¼ this morning

Cash HRW Wheat  was $7.72 3/8 on Monday, down 12 5/8 cents,

Mar 22 MGEX Wheat  closed at $9.06 1/2, down 13 3/4 cents, and up 6 ¼ this morning