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Wheat Futures Rally on Monday

Barchart - Mon Feb 26, 5:25PM CST

Wheat prices ended the first day of the last week of Feb with gains of over 1%. KC futures led the way, recapturing a premium to SRW in the lead month March contract, with 7 ¾ to 15 cent gains. Chicago futures were up by 3 ¾ to 8 cents at the close. Spring wheat futures in Minneapolis ended the Monday session 5 ¾ to 6 cents higher. 

Weekly Crop Progress updates showed winter wheat ratings were 46% G/E in TX for a 328 Brugler500 Score on 2/25. That was up from a 319 last week. Winter wheat was also reported at 8% headed. In KS, winter wheat conditions improved 3 points on the Brugler500 to 346 vs their Jan update. Conditions in NE fell from a 372 Brugler500 score in the Jan update to a 363 in the Feb update. The monthly update showed IL winter wheat scored a 378 on the Brugler500 scale, compared to 387 last update. 

Polish protestors reportedly vandalized rail cars loaded with Ukrainian grain, reportedly destroying 160 MT. Reporters mentioned this was the 4th incident, though that the other 3 had taken place at the border. 

USDA’s Export Inspections report had 481,999 MT of wheat shipments for the week that ended 2/22. That was up from 420k MT the week prior, but was down 171.3k MT from the same week last year. HRS shipments led the way with 224.5k MT of the total, with SRW making up 139.4k MT. USDA added 38k MT of HRW shipments reported late, which left the season total at 12.6 MMT through 2/22. That remains 2.7 MMT behind last year’s export pace. 

 

Mar 24 CBOT Wheat  closed at $5.77 1/4, up 3 3/4 cents,

May 24 CBOT Wheat  closed at $5.74 3/4, up 5 3/4 cents,

Mar 24 KCBT Wheat  closed at $5.83 3/4, up 15 cents,

Mar 24 MGEX Wheat  closed at $6.48 1/4, up 6 3/4 cents,

 


On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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