Wheat Closes Higher on Tuesday
Wheat markets gained on Tuesday, with Chicago SRW up 1-2 cents, KC HRW up 2-3 cents, and MPLS spring wheat up 2-3 cents. U.S. wheat exports hit a 4-year high in November at 1.417 MMT. EU soft wheat exports fell 33.93%. March CBOT wheat closed at $5.42 ½, and March MGEX wheat closed at $5.94 ¾.
The wheat market posted gains across the three markets on Tuesday. Chicago SRW futures were up 1 to 2 cents on the day. KC HRW contracts posted gains of 2 to 3 cents. MPLS spring wheat futures were 2 to 3 cents in the green.
On Monday afternoon, individual state Crop Progress reports were released, showing KS winter wheat ratings at 47% gd/ex, with the Brugler500 index at 333. That is below the previous rating in the middle of December at 56% (351) but above the 43% (318) from the same time last year. Ratings in OK also slipped, down 3% from the end of November at 45%, with the Brulger500 index at 327.
US Census data tallied November wheat exports at 1.417 MMT (52.06 mbu), which was a 4-year high for the month. That took the second quarter exports to 199.7 mbu including products, with the first half of the marketing year at 425 mbu.
EU soft wheat exports have totaled 11.16 MMT as of January 5, starting at the beginning of July. That is down 33.93% from 1689 MMT in the same period last year.
Mar 25 CBOT Wheat closed at $5.42 1/2, up 2 cents,
May 25 CBOT Wheat closed at $5.54 1/2, up 2 cents,
Mar 25 KCBT Wheat closed at $5.55 3/4, up 2 1/2 cents,
May 25 KCBT Wheat closed at $5.64 1/2, up 2 3/4 cents,
Mar 25 MGEX Wheat closed at $5.94 3/4, up 2 1/2 cents,
May 25 MGEX Wheat closed at $6.02 3/4, up 2 1/2 cents.
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Source : BarChart
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