Wheat Prices Close with Double Digit Gains

Thursday’s winter wheat futures market ended the day double digits higher. Chicago SRW ended 17 1/2 to 19 cents in the black, with March at $7.98 and the other nearbys above the $8/bu mark. KC wheat closed with 15 to 15 3/4 cent gains. Spring wheat futures closed 5 1/4 to 9 1/2 cents higher. 

USDA reported a 3-week high for wheat export sales in their weekly data release. Of the 118,060 MT sold, Guatemala and Mexico were the top buyers (though Guatemala’s bookings were switched from previously unknown). HRW wheat accounted for 61% of the week’s total sale, followed by 21% for HRS and 12% for SRW. Wheat exports were an 18-week high 411,635 MT. That took the MYTD wheat shipment to 13.235 MMT, and HRW accounts for 39% of that total. The weekly Export Sales report also mentioned 10,500 MT of new crop wheat was sold, taking the forward book to 378,396 MT. 

Egypt booked 180k MT of Romanian wheat from their tender. Algeria booked ~700k MT of optional origin wheat via an international wheat tender. The International Grains Council raised their global wheat carryout estimate by 2 MMT to 278 MMT. 

Mar 22 CBOT Wheat  closed at $7.98, up 17 1/2 cents,

Cash SRW Wheat  was $7.62 1/2, up 17 1/2 cents,

Mar 22 KCBT Wheat  closed at $8.23, up 15 cents,

Cash HRW Wheat  was $8.05 5/8, up 15 1/8 cents,

Mar 22 MGEX Wheat  closed at $9.57 1/4, up 5 1/4 cents,