Wheat Holds Gains on Monday
Wheat markets saw modest gains on December 9, with Chicago SRW futures up by 1.5 to 2.75 cents, KC HRW contracts rising 4.75 to 5.25 cents, and MPLS spring wheat increasing 3.75 to 6.75 cents. The weekly Export Inspections report showed 226,513 MT of wheat shipped, down 24.13% from the previous week. Year-to-date shipments are 29.98% higher than last year. Kansas reported a 1% drop in winter wheat ratings. The upcoming WASDE report is expected to keep U.S. wheat stocks steady and raise world stocks slightly.
Wheat posted some strength across the three markets on Monday. Chicago SRW futures were 1 ½ to 2 3/4 cents higher, with December an exception on thin trade. KC HRW contracts were up 4 3/4 to 5 1/4 cents on the day. MPLS spring wheat was 3 3/4 to 6 3/4 cents higher at the close, with in delivery Dec up 13 3/4.
The weekly Export Inspections report from FGIS showed 226,513 MT (8.32 mbu) of wheat shipped in the week of 12/5. That was down 24.13% from the week prior and 22.89% below the same week last year. Of that total 67,510 MT was shipped to Indonesia, with 44,207 MT to Mexico. Year to date shipments since June 1 are 11.217 MMT (412.15 mbu), which is 29.98% above the same time last year.
State Crop Progress data from Kansas showed winter wheat ratings down 1% to 55% gd/ex, with the Brugler500 ratings up 2 points to 350.
Heading into the monthly WASDE report, the trade is looking for wheat stocks for the US to remain steady from last month’s 815 mbu. World stocks are expected to be slightly higher at 257.68 MMT.
Dec 24 CBOT Wheat closed at $5.41 1/4, down 1 1/4 cents,
Mar 25 CBOT Wheat closed at $5.58 3/4, up 1 1/2 cents,
Dec 24 KCBT Wheat closed at $5.42 1/4, up 5 cents,
Mar 25 KCBT Wheat closed at $5.58 3/4, up 5 cents,
Dec 24 MGEX Wheat closed at $5.82 1/4, up 13 3/4 cents,
Mar 25 MGEX Wheat closed at $6.03 1/4, up 6 3/4 cents.
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Source : Nasdaq
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