Wheat Rebounds on Tuesday
The wheat market saw a rebound on Tuesday across all three major exchanges. Chicago SRW futures rose 9–10 cents, KC HRW futures gained 7–9 cents, and MPLS spring wheat increased by 11–12 cents. Texas reported improved winter wheat conditions at 42% good/excellent. EU wheat exports totaled 12.8 MMT, significantly lower than last year’s 19.35 MMT.
The wheat market posted a turnaround session across the three exchanges on Tuesday. Chicago SRW futures were up 9 to 10 cents in the nearbys. KC HRW futures were 7 to 9 cents higher in the front months. MPLS spring wheat was 11 to 12 cents in the green.
Texas released their state Crop Production report on Monday, with winter wheat conditions at 42% gd/ex and a Brugler500 index at 322. That was up from the 321 last week and well above the same week last year.
EU wheat exports have totaled 12.8 MMT during the marketing year from July 1 to January 26according to the EU Commission. That is well below the 19.35 MMT total last year.
Mar 25 CBOT Wheat closed at $5.45 1/4, up 9 3/4 cents,
May 25 CBOT Wheat closed at $5.58 3/4, up 9 cents,
Mar 25 KCBT Wheat closed at $5.61, up 7 3/4 cents,
May 25 KCBT Wheat closed at $5.70 3/4, up 8 cents,
Mar 25 MGEX Wheat closed at $5.97 3/4, up 12 cents,
May 25 MGEX Wheat closed at $6.08, up 11 1/4 cents .
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Source : Nasdaq.com
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