Wheat Rallies on Monday
Wheat futures rose on Monday due to heightened Black Sea tensions, with Chicago SRW up 9-11¾ cents, KC HRW gaining 10¾-15¼ cents, and MPLS spring wheat up 11¼-13¼ cents. U.S. winter wheat planting reached 94% completion, slightly behind average. Export inspections fell to 196,281 MT, down 44% week-over-week. Key destinations included Mexico, Taiwan, and South Korea. CBOT December wheat closed at $5.47¼, up 10¾ cents, with KC and MGEX wheat also recording notable gains. Market dynamics reflect geopolitical risks and planting progress.
The wheat complex held the Monday strength into the clsoe, as escalating tensions in the Black Sea gave the market a risk on approach. Chicago SRW futures were up 9 to 11 3/4 cents on the day. KC HRW contracts posted gains of 10 3/4 to 15 1/4 cents on the session. MPLS spring wheat was up 11 1/4 to 13 1/4 cents.
Over the weekend President Biden gave the greenlight to allow Ukraine to use US long range missiles inside of Russia. The wheat market has been muted in much reaction to the nearly 3 year conflict, though this does provide some short covering fuel.
The weekly Crop Progress report from NASS showed the US winter wheat crop at 94% planted as of 11/17, lagging the average by 2 percentage points, with emergence at 84% complete. Condition ratings of the crop were improving anther 5% at 49% gd/ex, as the Brugler500 index was up 12 points to 338. The next 7 days does look to dry out in much of the Southern Plains, with parts of SRW country seeing very light totals.
This morning’s Export Inspections report showed a total of just 196,281 MT (7.2 mbu) of wheat shipped in the week that ended on November 14. That was down 44.44% from last week an 48.08% lower than the same week last year. Mexico was the largest destination of 63,669 MT, with 57,744 MT headed to Taiwan and 43,713 MT to South Korea. Marketing year shipments have totaled 10.325 MMT (379.37 mbu) to date, which is 31.37% above the same week last year.
Dec 24 CBOT Wheat closed at $5.47 1/4, up 10 3/4 cents,
Mar 25 CBOT Wheat closed at $5.65 3/4, up 11 3/4 cents,
Dec 24 KCBT Wheat closed at $5.55 1/4, up 15 1/4 cents,
Mar 25 KCBT Wheat closed at $5.67, up 14 3/4 cents,
Dec 24 MGEX Wheat closed at $5.85, up 12 3/4 cents,
Mar 25 MGEX Wheat closed at $6.04 1/4, up 13 cents.
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