Wheat Prices Continued to Rebound on Tuesday
Wheat followed the Monday bounce with another 4 to 10 cent gains on Tuesday. Chicago futures ended the day 1.4% to 1.8% in the black as Dec SRW closed +$6. KC wheat was 1.3% to 1.6% higher with gains of as much as 9 cents. Dec HRW is also back above the $6 mark. Spring wheat prices were 4 ½ to 5 cents higher across the front months.
Egypt’s GASC issued an international tender with results expected tomorrow or later this week.
Weekly wheat export shipments were 302k MT for the week that ended 3/14. That was down from 467k MT the week prior and was 73k MT below the same week last year. The week’s shipment by class was 83k MT of HRW and 74k MT of HRS. USDA also added 63k MT to past reports which had the season’s total shipment at 13.74 MMT. That remains 15.6% behind last year’s export pace.
Some state crop ratings were released on Monday afternoon, showing improvement for much of HRW country. Kansas ratings were up 2% to 55% gd/ex or +3 points at 347 on the Brugler500 index. Texas ratings improved 16 points to 329 on the Brugler500, or a 2% better gd/ex score at 48%. Oklahoma was a slight 6 point decrease to 360, for a 4% reduction to the gd/ex categories at 61%.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 12.9 MMT of wheat, for the season-to-date. That is 9.4% below last year, though wheat exports remain 5% above last year’s pace.
Source Link: https://www.barchart.com/story/news/24909679/wheat-prices-continued-to-rebound-on-tuesday
