Front month winter wheat futures ended the Tuesday session at their allotted 50 cent limit gains. March SRW got above $10! Off the 985 strike, May SRW closed synthetically at $9.98 1/2 – an extra 14 1/2 cents above the underlying’s settle. HRW prices also went home locked limit higher, with both March and May contracts closing above the $10/bu mark – the first time since March of ’08. Synthetically, off the $10 strike, May HRW settled at $10.20/bu. HRS futures also rallied more than 50 cents on Tuesday. May HRS got to within 9 cents of the LoC high.
ABARES just raised their estimate of Australia’s 2021/22 wheat crop by an additional 5% to a record 36.3 MMT. That came after late season November rains improved realized yields to better than anticipated on less severe than anticipated quality concerns. ABARES’ estimate compares to the USDA official forecast of 34 MMT. A private firm, IKON commodities, had estimated the crop at 39 MMT.
May 22 CBOT Wheat closed at $9.84, up 50 cents,
Cash SRW Wheat was $9.42 5/8, up 48 1/4 cents,
May 22 KCBT Wheat closed at $10.03, up 50 cents,
Cash HRW Wheat was $9.76 1/2, up 46 cents,
May 22 MGEX Wheat closed at $10.53 3/4, up 59 3/4 cents,
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