The wheat complex was strength on Tuesday across the three markets. CBT soft red wheat futures saw contracts 3 to 4 cents higher at the close. KC HRW futures held the strength on Tuesday, as contracts closed with 6 to 7 ¼ cent gains. MPLS spring wheat futures were up 2 cents across the front months.
This morning’s Export Inspections report showed a total of 444,138 MT (16.32 mbu) of wheat shipped in the week of 10/9. That was 18.99% below the week prior but up 16.85% from the same week last year. Indonesia was the largest buyer of 77,936 MT, with 70,338 MT shipped to Japan and 68,856 MT to Mexico. The marketing year total is now at 10.665 MMT (391.852 mbu) of wheat shipped, which is now 18.11% above the same period last year.
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South Korea is tendering for 95,000 MT of wheat from the US and Canada, with a Wednesday deadline. The French Farm ministry estimates the country’s soft wheat crop at 33.2 MMT a 0.1 MMT reduction from last month. European Commission data showed July 1 – October 12 exports of soft wheat out of the EU at 5.51 MMT, down 1.61 MMT from the same period last year.
Dec 25 CBOT Wheat is at $5.00 1/4, up 3 1/2 cents,
Mar 26 CBOT Wheat is at $5.16 3/4, up 3 1/2 cents,
Dec 25 KCBT Wheat is at $4.88 1/2, up 7 1/4 cents,
Mar 26 KCBT Wheat is at $5.09 1/4, up 6 3/4 cents,
Dec 25 MGEX Wheat is at $5.53 1/2, up 2 cents,
Mar 26 MGEX Wheat is at $5.73 1/2, up 2 cents,
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