Wheat Rallies as Dollar Index Falls
Wheat prices rose on Tuesday across the U.S. markets as the U.S. dollar weakened. Export inspections showed a 12.5% drop in wheat shipments for the week ending January 16, with Mexico and South Korea being major destinations. Japan issued a tender for 126,893 MT of wheat, and the European Union reported a decline in wheat exports.
Wheat rallied across the three markets on Tuesday, as the US dollar index fell 1.443 on the day to provide some support. The Chicago SRW market was 19 to 21 cents higher on the day. KC HRW contracts were up 24 to 27 cents in the nearbys on Tuesday. MPLS spring wheat futures were up 19 to 22 cents at the close.
Weekly Export Inspections data showed a total of 261,786 MT (9.62 mbu) of wheat shipped in the week of 1/16. That was a drop of 12.5% from the week prior and 16.94% below the same week in 2024. Mexico was the top destination of 48,992 MT, with 45,071 MT to South Korea. Marketing year shipments are now 13.279 MMT (487.9 mbu), which is an increase of 23.83% from last year.
Japan has issued a tender for 126,893 MT of wheat from the US, Canada, and Australian, with 30,793 MT US specific. The European Commission pegged 11.74 MMT of wheat exports during the period running July 1 to January 19, down 6.75 MMT from last year.
Mar 25 CBOT Wheat closed at $5.58 3/4, up 20 cents,
May 25 CBOT Wheat closed at $5.71 1/2, up 20 3/4 cents,
Mar 25 KCBT Wheat closed at $5.75 1/2, up 27 cents,
May 25 KCBT Wheat closed at $5.85 1/2, up 27 cents,
Mar 25 MGEX Wheat closed at $6.04 1/2, up 21 cents,
May 25 MGEX Wheat closed at $6.15, up 21 3/4 cents.
To read more about Wheat News continue reading Agriinsite.com
Source : BarChart
Recommended for you
Leave a Reply
Leave a Reply
