Wheat Comes Back to Close with Strength
Wheat futures saw slight gains across all three exchanges, with Chicago SRW up by up to 2 ¼ cents. KC HRW and MPLS spring wheat also showed marginal increases. U.S. wheat exports in August totaled 2.438 MMT, a significant rise from last year, bringing first-quarter exports to a three-year high. Winter wheat planting was 51% complete, slightly behind average. Japan is tendering for U.S., Canadian, and Australian wheat, with over 56,000 MT sourced from the U.S. Prices for December and March contracts in CBOT, KCBT, and MGEX saw small upward movements.
The wheat complex saw some early Turnaround Tuesday weakness, with the three exchanges headed higher into the close. Chicago SRW futures were up fractionally to 2 ¼ cents on the day. KC HRW contracts saw fractional to 1 cent gains on the session. MPLS spring wheat was up fractionally to 1 ¾ cents.
Wheat export shipments during August totaled 2.438 MMT (89.58 mbu) according to Census, which was up 67.65% from a year ago and 24.46% larger than in July. That took first quarter exports to 215 mbu, a 3-year high.
Crop Progress data showed 51% of the US winter wheat crop planted, 1% behind the average pace. Emergence was pegged at 25%, on pace with normal.
Japan is tendering for 115,050 MT of wheat from the US, Canada, and Australia, with 56,690 MT from the US.
Dec 24 CBOT Wheat closed at $5.94 3/4, up 2 1/4 cents,
Mar 25 CBOT Wheat closed at $6.18 1/4, up 1 3/4 cents,
Dec 24 KCBT Wheat closed at $6.03 3/4, up 1/2 cent,
Mar 25 KCBT Wheat closed at $6.20 1/4, up 1/4 cent,
Dec 24 MGEX Wheat closed at $6.45, up 3/4 cent,
Mar 25 MGEX Wheat closed at $6.66 1/4, up 3/4 cent
Source Link : https://www.barchart.com/story/news/28950296/wheat-comes-back-to-close-with-strength
Recommended for you
