Wheat Gains Double Digits on Monday

Domestic wheat markets closed the first trade day of the week with double digit gains. Chicago wheat closed 9 3/4 to 14 cents higher. KC HRW was up 11 3/4 to 14 cents at the close. Minneapolis spring wheat futures gained 12 1/4 to 13 1/2 cents on the day. The weekly Export Inspections report from USDA had 523,901 MT of wheat shipped for the week ending 1/21. That was up from 282k last week and 225k last year. Accumulated wheat exports via the weekly report are trailing last year by 1% with 16.099 MMT shipped. China’s weekly wheat auction sold 4 MMT for an average price of 2,455 yuan/MT (~ $10.30/bu). Russia’s SovEcon raised their 21/22 wheat output by 900k MT to 77.7 MMT. 

Mar 21 CBOT Wheat closed at $6.48 1/2, up 14 cents,
Mar 21 KCBT Wheat closed at $6.27 1/4, up 14 cents,
Mar 21 MGEX Wheat closed at $6.26, up 13 1/2 cents,

--- provided by Brugler Marketing & Management




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