Wheat Closes Mixed, as Soft Wheat Weakens
The wheat market showed mixed movements on Monday, with Chicago SRW futures mostly lower and KC HRW contracts up by ½ to 2 ¼ cents. Minneapolis spring wheat futures closed slightly higher, gaining up to 1 ¾ cents. Weekly Export Inspection data showed a 20.2% increase in wheat exports from the previous week, totaling 298,075 MT, with Mexico and Japan as the top buyers. Saudi Arabia purchased 804,000 MT in a tender, and Algeria is also looking to buy durum wheat.
The wheat complex showed mixed action to close out the Monday session, with the soft wheat market the weakest. Chicago SRW futures were 1 to 2 1/4 cents lower in the nearbys and up ¼ to 5 cents in the deferreds. KC HRW contracts were ½ to 2 ¼ cents higher on the day. MPLS spring wheat futures closed up a penny to 1 ¾ cents.
Weekly Export Inspection data from this morning showed a total of 298,075 MT (10.95 mbu) of wheat shipped during the week of 12/12. That was an increase of 20.2% from last week and 4.66% above the same week last year. Mexico was the largest buyer of 69,471 MT, with 66,933 MT headed to Japan. The full year marketing shipments were 11.537 MMT (423.9 mbu), which was up 29.41% from a year ago.
Saudi Arabia purchased 804,000 MT of wheat in their recent tender which called for 595,000 MT. Algeria has issued a tender to purchase 50,000 MT of durum wheat, set to close on Wednesday
Mar 25 CBOT Wheat closed at $5.50, down 2 1/4 cents,
May 25 CBOT Wheat closed at $5.61, down 1 1/4 cents,
Mar 25 KCBT Wheat closed at $5.59 1/4, up 2 1/4 cents,
May 25 KCBT Wheat closed at $5.66 3/4, up 1 1/2 cents,
Mar 25 MGEX Wheat closed at $5.98 1/2, unch,
May 25 MGEX Wheat closed at $6.07 1/2, up 2 cents.
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Source : Bar Chart
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