Wheat Holds Gains on Monday
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,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.