Wheat

Wheat futures are currently steady to 2 cents in the red in most CBT and KC contracts. MPLS is fractionally to a penny higher. They ended the Monday session with 15 cent gains in the nearby CBT contracts, with KC HRW up 12 to 15 cents. There was active index fund rolling out of the March. MPLS was the weakest because of potential acreage expansion, but still managed to be 6 to 7 cents higher on the day. Monday morning’s Export Inspections report showed 487,902 MT of wheat shipped for the week that ended 2/8. That was 13.57% above the last week and 50% larger than the same week last year. All wheat export commitments are now 81.02% of the newly updated USDA export projection. The average is 87% for that week, with last year hitting 89% at this time. Australia made the lowest offer in Iraq’s recent tender, with the offers to remain valid until Thursday.




Market Commentary provided by:

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