Wheat Mixed to Lower on Monday

Wheat was mixed today. Chicago SRW futures closed with the biggest drops, as futures were 3/4 to 2 1/4 cents lower on Monday. KC HRW futures were firm to mostly higher on Monday, albeit gains were limited to 3/4 cents per bushel. MPLS spring wheat was fractionally lower, with the deferred contracts posting gains of 1/4 to 1 1/4. USDA’s weekly export inspections report showed wheat exports were 223,994 MT for the week ending 01/23. That is down both yr/yr and wk/wk, by 39.07% and 56.62% respectively. MYTD shipments were at 16.224 MMT, which remained ahead of last year’s pace (14.384 MMT) at this time. Russian exports since June have lagged year ago despite larger reported production, as some rebuilding of tight ending stocks appears to be underway. FOB prices hit an 11 mo high on Jan 27. The EU wheat exports for the MY to Jan 26th were 15.94 MMT, which is 68.86% ahead of last year’s pace. EU new crop wheat will likely be smaller than 2019 by as much as 6-7 MMT, due to poor fall planting weather.

Mar 20 CBOT Wheat closed at $5.72 1/4, down 1 1/4 cents,

Mar 20 KCBT Wheat closed at $4.86 1/2, up 1/2 cent,

Mar 20 MGEX Wheat closed at $5.47 1/4, down 1/4 cent,

--- provided by Brugler Marketing & Management

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