Wheat Futures Recover for Turnaround Tuesday
Front month wheat futures firmed up on Tuesday, but mostly remain red for the week’s net move. Chicago futures were back up by 1 ½ to 4 ¾ cents. KC wheat futures gained ¼ to 4 ½ cents. The Minneapolis wheat market was fractionally to 2 ¼ cents higher at the close.
Winter wheat ratings in TX improved through the week. G/E increased from 42% to 46% and P/VP decreased from 26% to 20% as of 2/1.
Weekly Export Inspections data had 266,269 MT of wheat shipped during the week that ended 2/1. USDA listed the season’s total shipment at 11.27 MMT, which is still behind the 13.8 MMT pace last year.
Government reporting had Ukrainian sea exports out of Odesa port at over 20 MMT since August, including 14.3 MMT of grain. Jan’s grain shipment out of Odesa reached 6.3 MMT, which was reportedly on par with pre-war levels.
Japan issued a regular tender seeking 136k MT of wheat from U.S., Canada, and Australia.
Mar 24 CBOT Wheat closed at $5.95, up 4 3/4 cents,
May 24 CBOT Wheat closed at $6.02 3/4, up 3 3/4 cents,
Mar 24 KCBT Wheat closed at $6.18 1/2, up 4 1/2 cents,
Mar 24 MGEX Wheat closed at $6.93 1/4, up 2 1/4 cents,
Source Link: https://www.barchart.com/story/news/23888009/wheat-futures-recover-for-turnaround-tuesday
