Wheat futures began the week with 1.5% to 3.5% gains in the U.S. futures market. Chicago closed Tuesday up by as much as 22 cents, and tightened the Chi/KC spread to 3c for March. KC futures were 16 ¾ o 19 ½ cents higher at the closing bell on the first trade day of the week. Spring wheat futures finished 10 cents higher.
The weekly Export Inspections data had 380,774 MT of wheat exported for the week that ended 2/15. That was down 27k MT from the week prior, but was slightly higher vs the same week last year. Accumulated wheat shipments remain 17.5% behind last year’s pace with 12.09 MMT shipped.
Japan issued a regular tender seeking 116k MT of wheat from U.S., Canada, and Australia.
Russia’s Ag. Ministry lowered their wheat export tax 2.6% to 3,953 roubles/mt for the period ending Feb. 27th.
Mar 24 CBOT Wheat closed at $5.82 3/4, up 22 1/4 cents,
May 24 CBOT Wheat closed at $5.79 1/4, up 20 1/4 cents,
Mar 24 KCBT Wheat closed at $5.85 3/4, up 18 1/2 cents,
Mar 24 MGEX Wheat closed at $6.65 1/2, up 10 3/4 cents,
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