Monday Wheat Rallies Double Digits

Winter wheat futures closed the session with double digits gains in the front months. Chicago SRW closed 7 3/4 to 11 cents in the black. HRW futures rallied 13 to 14 3/4 cents on the first trade day of the week. Dry forecasts for areas still planting winter wheat (US, Russia, Ukraine in particular) were supportive. Spring wheat in Minneapolis closed the day up 3 3/4 to 4 1/2 cents. USDA saw winter wheat planting 52% complete as of 10/4. The trade was looking for 48-50%, and the 5-yr average is for 47%. Winter wheat emergence was reported at 24%, compared to the 5-yr average of 21%. The Export Inspections report, with data from the week ending Oct 1, showed 643,671 MT of wheat shipments. That was 56,755 MT above last week’s shipments and up 164k MT yr/yr. The Philippines was the top destination for the week with 175k MT or 27% of the total. The report also showed 9.888 MMT of wheat shipped MYTD, compared to 9 MMT flat in 2019/20.

Dec 20 CBOT Wheat closed at $5.84 1/4, up 11 cents,

Dec 20 KCBT Wheat closed at $5.24 1/4, up 14 3/4 cents,

Dec 20 MGEX Wheat closed at $5.35 1/2, up 3 3/4 cents,

--- provided by Brugler Marketing & Management




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