Afternoon Rally for Wheat Market

Wheats started the first trade day of the new month with weakness attempting a turnaround Tuesday. Afternoon strength pushed the board back into the black to extend the gains from Monday. CBT SRW ended the day the strongest with 1.6% to 2.3% gains. WTD Dec SRW has rallied 8.8%, and is back above the $9 mark for the close for the first time since 10/11. KC HRW futures ended the session with 0.99% to 1.26% gains in the front months. MPLS spring wheat prices settled Tuesday 0.87% to 0.96% higher. 

IKAR estimated the Russian 22/23 wheat crop at 101 MMT with 50 MMT of exportable supply.

Buenos Aries Grains Exchange left their Argentine wheat forecast for 22/23 wheat at 15.2 MMT. Argentina is set to permit delayed wheat exports on contract citing the drought concerns. 

Dec 22 CBOT Wheat  closed at $9.02 1/2, up 20 1/4 cents,

Mar 23 CBOT Wheat  closed at $9.19, up 19 3/4 cents,

Cash SRW Wheat  was $8.33 1/8, up 18 1/8 cents,

Dec 22 KCBT Wheat  closed at $9.90, up 11 1/4 cents,

Cash HRW Wheat  was $9.48 7/8, up 11 cents,

Dec 22 MGEX Wheat  closed at $9.89 3/4, up 8 1/2 cents,