Wheat Closes with Double Digit Gains

Turnaround Tuesday left the wheat futures markets above both the Friday and Monday closes in Chicago. Chicago SRW prices were 10 to 16 cents higher, with May at $6.66 1/4. May HRW closed at $6.35 1/4, up 12 cents. The other HRW front months were 11 3/4 cents higher. Spring wheat prices were up 9 3/4 to 12 cents at the close. March OI continues to wane through the delivery process, showing 1,263 contracts still open for Chicago, 519 for KC, and 136 for MPLS as of March 1st.

ABARES preliminary new crop wheat output for Australia is 25 MMT, the Chief Commodity Forecaster cited dry weather concerns and yield impacts as La Nina winds down for the 25% drop off in production yr/yr.  Planting will begin in a few weeks, so this is a very preliminary number. EU’s accumulated wheat exports were to 17.56 MMT (65% of USDA’s forecast) through Feb 28. That is down 18.2% from last season’s pace, but USDA’s WAOB estimates a 29.7% full year drop as of the Feb report. Japan is tendering for 82,937 MT of wheat. Algeria issued an international wheat tender for 50k MT. Pakistan is tendering for 300,000 MT of optional origin wheat.

--- provided by Brugler Marketing & Management

SRW Wheat Prices by Barchart

HRW Wheat Prices by Barchart

HRS Wheat Prices by Barchart




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