Significant Double Digit Gains for Wheat

Wheat finished Tuesday’s session double digit gains. Chicago SRW led the way gaining 21 1/2 to 24 cents. HRW futures were also sharply higher, with the front months posting 20 1/4 to 21 1/4 cent gains at the closing bell. Spring wheat closed the session with double digit gains of 14 to 14 1/2. The USDA’s Export Inspection report with data from the week ending 02/13 showed 501,990 MT of wheat were shipped. That is 11.5% below last week, but 38.1% higher than the same week last year. MYTD wheat exports are 17.731 MMT, last year was only 15.754 MMT at the same point. OF the week’s wheat shipments, 15.76% were to Mexico. Thailand and the Philippines were next with 11.52% and 11.4% respectively of the week’s total exports. ABARES projects Australia’s 19/20 wheat crop at 15.17 MMT which is 0.78 MMT lower than the previous estimate. Turkey bought 255,000 MT of wheat with optional origin and 19/20 delivery. Japan is tendering 93,100 MT of wheat with 58,545 U.S. specific.

Mar 20 CBOT Wheat closed at $5.66 3/4, up 24 cents,

Mar 20 KCBT Wheat closed at $4.85 3/4, up 20 1/4 cents,

Mar 20 MGEX Wheat closed at $5.40, up 14 1/2 cents,

--- provided by Brugler Marketing & Management

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