Wheat Pulls out Gains as Several Export Tender Set
Wheat futures showed strength on Tuesday, with Chicago SRW up 3-4 cents, Kansas City HRW 1-2 cents higher, and MPLS spring wheat gaining 4-5 cents. U.S. wheat exports for June were 1.47 MMT, up 27.56% from June 2023 but still the second lowest in 20 years. Egypt’s GASC is tendering for up to 3.8 MMT of wheat, while Algeria and Japan are also issuing tenders. CBOT, KCBT, and MGEX wheat futures closed higher, with September 24 CBOT wheat at $5.43 1/4.
Wheat futures managed to come out of the Tuesday session with strength, as all three exchanged were higher in the nearbys. Chicago SRW futures were up 3 to 4 cents at the Tuesday close. Kansas City HRW contracts were 1 to 2 cents higher. MPLS spring wheat saw gains of 4 to 5 cents in the front months.
Actual Census data showed US wheat exports at 1.47 MMT (53.87 mbu) during June, to kick off the marketing year. That was 27.56% more than June 2023, but was still the second lowest for the month in the last 20 years. It was also down 7.76% from May
Egypt’s GASC is looking for wheat in a tender that is set to close on August 12. Delivery periods are set from October to April and a maximum of 3.8 MMT of wheat to be purchased. Algeria has also issued a tender for wheat, with offers due on Thursday. Japan’s Ministry of Ag is setting their weekly tender for Thursday and 83,445 MT of wheat sought from the US, Canada, and Australia, with 22,615 MT US specific.
Sep 24 CBOT Wheat closed at $5.43 1/4, up 3 3/4 cents,
Dec 24 CBOT Wheat closed at $5.66 1/2, up 3 1/4 cents,
Sep 24 KCBT Wheat closed at $5.61 1/2, up 1 1/4 cents,
Dec 24 KCBT Wheat closed at $5.78 1/4, up 1 1/2 cents,
Sep 24 MGEX Wheat closed at $5.92 1/2, up 5 cents,
Dec 24 MGEX Wheat closed at $6.12 1/4, up 4 cents,
Source Link : https://www.barchart.com/story/news/27868015/wheat-pulls-out-gains-as-several-export-tender-set
