Wheat Spikes Higher on Tuesday Trading

Wheat is up double digits so far following President’s Day. Chicago SRW is up the most at midday, trading 15 1/2 cents higher in March contract. KC HRW futures are 12 1/4 cents higher so far. Spring wheat futures are 8 1/4 cent higher for March. 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. Jordan elected to make no purchase in their international tender. Japan is tendering 93,100 MT of wheat with 58,545 U.S. specific.

Mar 20 CBOT Wheat is at $5.58 1/4, up 15 1/2 cents,

Mar 20 KCBT Wheat is at $4.77 3/4, up 12 1/4 cents,

Mar 20 MGEX Wheat is at $5.33 3/4, up 8 1/4 cents,

--- provided by Brugler Marketing & Management




Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!


Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.