Wheat Rallying Double Digits through Midday
Front month wheat prices are trading near their highs at midday with double digit gains. Chicago futures are currently 12 ½ to 13 ¾ cents higher so far. KC wheat prices are working 10 ¾ to 11 ½ cents in the black. MGE futures are up by as much as 9 cents across the front months at midday.
Weekly wheat export shipments were shown at 302k MT for the week that ended 3/14. That was down from 467k MT the week prior and was 73k MT below the same week last year. The week’s shipment by class was 83k MT of HRW and 74k MT of HRS. USDA also added 63k MT to past reports which had the season’s total shipment at 13.74 MMT. That remains 15.6% behind last year’s export pace.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 12.9 MMT of wheat, for the season-to-date. That is 9.4% below last year, though wheat exports remain 5% above last year’s pace.
Strategie Grains estimated EU wheat output at 121.6 MMT for the 24/25 crop. That was a 1 MMT cut, citing excessive rains.
IKAR expects Russian wheat output for 24/25 to reach 93 MMT and exports for 24/25 to total 50 MMT.
May 24 CBOT Wheat is at $5.40 1/4, up 11 3/4 cents,
Jul 24 CBOT Wheat is at $5.55, up 11 cents,
May 24 KCBT Wheat is at $5.76 1/2, up 10 1/4 cents,
Jul 24 KCBT Wheat is at $5.69 1/2, up 9 3/4 cents,
May 24 MGEX Wheat is at $6.54, up 7 1/2 cents,
Source Link : https://www.barchart.com/story/news/24868084/wheat-rallying-double-digits-through-midday
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