Wheats Close Higher prior to Export Sales Data
Front month wheat futures ended with gains on Thursday. The hard red classes led the way with 1.4% to 1.9% gains in KC and 0.6% to 1.1% gains in Minneapolis. Chicago futures closed 1 ¼ to 3 cents higher on Thursday, though March is still a net 10 ½ cents weaker for the week’s move. Oats Futures Prices rallied as much as 3.8% on Thursday.
Pre-report estimates show analysts are looking for wheat bookings to come in between 150k MT and 500k MT for the week that ended 1/11. The report is delayed until Friday AM in recognition of MLK jr Day.
Russia’s Ag Ministry reported the wheat export tax at 3,946.5 rubles/MT (~$44.40/MT). That is down 5.3% from the week prior.
Egypt’s GASC bought 360,000 MT in their tender, including at least one French cargo. Japan booked 87,641 MT of wheat via a regular tender, with 62,121 MT U.S. specific.
Private Analyst StoneX estimated the Brazilian wheat crop at 8.25 MMT, a 4% reduction from their prior figure. StoneX also raised their expected Brazilian wheat imports to 7.05 MMT.
Mar 24 CBOT Wheat closed at $5.85 1/2, up 3 cents,
May 24 CBOT Wheat closed at $5.96 3/4, up 2 1/4 cents,
Mar 24 KCBT Wheat closed at $6.05 1/4, up 11 1/4 cents,
Mar 24 MGEX Wheat closed at $6.88, up 7 3/4 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 Barchart Disclosure Policy here.