Wheat is rallying back from losses on Tuesday, with the Wednesday session starting off with gains across all three markets. Chicago SRW futures were down 6 to 7 cents on Tuesday, as March slipped 11 cents. Open interest was down 14,838 contracts on Tuesday, mainly in the front two contracts. KC HRW futures were 3 to 4 cents in the red at the close. OI slipped 1,474 contracts. MPLS spring wheat was down 3 to 4 cents lower so far on the day.
Tuesday morning’s Export Inspections report showed 375,402 MT (13.79 mbu) of wheat shipped in the week of 2/12. That was 35.34% below the week prior but 49.66% above the same week last year. Japan was the largest destination of 170,930 MT, with 58,732 MT shipped to Mexico and 36,892 MT to the Dominican Republic. The marketing year total is now 17.704 MMT (650 mbu) of wheat shipped since June, which is still 18.91% below the same period last year.
The Russian wheat crop was estimated at 85.9 MMT according to SovEcon, up 2.1 MMT from their previous number. EU soft wheat export have totaled 15.11 MMT from July 1 to February 15, now up 1.46 MMT from the same period last year.
Mar 26 CBOT Wheat closed at $5.37 3/4, down 11 cents, currently up 7 3/4 cents
May 26 CBOT Wheat closed at $5.42 1/2, down 6 cents, currently up 7 cents
Mar 26 KCBT Wheat closed at $5.38 3/4, down 3 3/4 cents, currently up 8 1/2 cents
May 26 KCBT Wheat closed at $5.50 1/2, down 3 1/4 cents, currently up 8 1/4 cents
Mar 26 MIAX Wheat closed at $5.68 1/4, down 3 1/2 cents, currently up 3 1/2 cents
May 26 MIAX Wheat closed at $5.80, down 4 cents, currently up 3 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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