Wheat futures recovered most to more than all of the Monday drop on a turnaround Tuesday rally. Chicago futures were up by 10 ¾ to 12 cents on the close. Kansas City futures closed 8 to 12 ½ cents higher. MGE wheat futures ended the session up by 6 ¼ to 9 ½ cents, though March remained under the $7 round number. Oats Futures Prices also rallied double digits with 4% gains across the front months.
State Crop Progress data had KS winter wheat conditions scoring a 54% G/E rating (343 on the Brugler500 scale). CO winter wheat rated 63% G/E (354 on the Brugler500 scale). That was up from 61% in the previous report (351). In NE, winter wheat was rated 69% G/E (372).
Weekly FGIS Inspections data showed 264,666 MT of wheat was exported during the week of Jan 25, below even depressed trade expectations. That was down from 315k the week prior and was 181k MT below the same week last year. The report showed 128k MT of the total was spring wheat. The season’s total wheat shipment reached 10.99 MMT compared to 13.2 MMT at the same time last year.
Egypt’s Supply Minister announced the country does not plan on inducing a hedge strategy against 24/25 wheat imports – citing the lower prices compared to last year. The Philippines issued two international wheat tenders for 40-50k MT of feed wheat.
Mar 24 CBOT Wheat closed at $6.05 1/2, up 12 cents,
May 24 CBOT Wheat closed at $6.15 1/2, up 11 3/4 cents,
Mar 24 KCBT Wheat closed at $6.30 3/4, up 12 1/2 cents,
Mar 24 MGEX Wheat closed at $6.99 3/4, up 6 1/2 cents,
On the date of publication, Alan Brugler 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
