Wheat Posts Double Digit Gains
Wheat futures rallied across all three exchanges on Monday, with Chicago SRW up 12 ½ to 14 cents, KC HRW gaining 12 ¼ to 13 ½ cents, and MPLS spring wheat increasing by 10 ¼ to 11 cents. The USDA reported 25% of U.S. winter wheat planted, while wheat exports for the week totaled 711,073 MT, significantly up from last year.
The wheat complex rallied hard across all three exchanges on Monday. Chicago SRW futures were up 12 ½ to 14 cents on the day. KC HRW posted 12 ¼ to 13 ½ cent gains. MPLS spring wheat was 10 ¼ to 11 cents higher.
This afternoon’s Crop Progress report from NASS showed 25% of the US winter wheat crop planted by Sunday, 1% ahead of the normal 24% pace. Emergence was 4%, 1 percentage point behind the 5-year average. Spring wheat was 95% harvested by 9/22, 1% faster than normal.
The weekly shipment data from the Export Inspections report tallied 711,073 MT of wheat exported in the week of 9/19. That was a sharp 20.77% from last week and 46.39% larger than the same week last year. Shipments were fairly spread out, with 86,349 MT to Ecuador, 69,363 MT to the Philippines, and 68,784 MT to South Korea. Marketing year shipments have totaled 7.684 MMT, which is 35.69% above the same period last year.
Dec 24 CBOT Wheat closed at $5.82 1/2, up 14 cents,
Mar 25 CBOT Wheat closed at $6.01 1/4, up 13 3/4 cents,
Dec 24 KCBT Wheat closed at $5.77 1/4, up 13 1/4 cents,
Mar 25 KCBT Wheat closed at $5.90 3/4, up 13 1/4 cents,
Dec 24 MGEX Wheat closed at $6.19, up 11 cents,
Mar 25 MGEX Wheat closed at $6.40 1/2, up 10 3/4 cents
Source Link : https://www.barchart.com/story/news/28685897/wheat-posts-double-digit-gains
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