Wheat Weakness Creeping Back in on Short Session
Wheat futures traded weaker across Chicago, KC, and MPLS exchanges on Tuesday, with losses of 4–7 cents. Eastern Plains are expected to receive precipitation, while western areas remain dry. Weekly export inspections rose 34.18% from last week, led by shipments to the Philippines, Indonesia, and Mexico. Full-year exports are up 27.22%. Algeria purchased wheat in an unspecified tender.
The wheat market is trading with weaker action across the three exchanges on Tuesday. Chicago SRW futures are down 5 to 6 cents this far on the session. KC HRW contracts are 6 to 7 cents lower across most contracts. MPLS spring wheat futures are 4 to 5 cents in the red on the day.
Precipitation is expected to make its way to eastern portions of the Plains this next week with the westerns half expected to remain dry. Portions of the SRW regions are forecast to receive 1-2 inches of precip.
The markets will be closed early on Tuesday in observance of Christmas Eve and all-day Wednesday for Christmas. There will be hard open at 8:30 am CST on Thursday.
Weekly Export Inspections data showed a total of 403,719 MT (14.83 mbu) of wheat shipped in the week that ended on December 19. That was up 34.18% from last week but down 14.65% from the same week last year. The largest destination was the Philippines at 107,103 MT, with 76,255 MT headed to Indonesia and 72,951 MT on its way to Mexico. Full year shipments have totaled 11.943 MMT (344.9 mbu), which is 27.22% above the same week last year.
Algeria purchased an unspecified amount of wheat in a tender on Tuesday
Mar 25 CBOT Wheat is at $5.35, down 5 1/2 cents,
May 25 CBOT Wheat is at $5.45 1/4, down 5 3/4 cents,
Mar 25 KCBT Wheat is at $5.44 1/2, down 6 1/2 cents,
May 25 KCBT Wheat is at $5.52 1/2, down 6 1/2 cents,
Mar 25 MGEX Wheat is at $5.90 1/2, down 5 cents,
May 25 MGEX Wheat is at $5.99 1/4, down 4 1/4 cents.
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Source : BarChart
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