Dec Chgo Wheat closes 3 cents lower ($4.07 ¼), March ¼ cent higher ($4.27 ¼) and July 1 ¼ cents higher ($4.56)
Dec KC Wheat closes 2 cents higher ($4.16 ½), March 2 ¼ cents higher ($4.34 ¼) and July 2 ¼ cents higher ($4.57 ¼)
The big feature in the US wheat markets on Tuesday was spreading; both intra-market and inter-market. The Dec/March spread loses like a bandit in Chgo. KC gains on Chgo. World wheat prices continue to show a firm tone. Concerns still abound on dryness in the central southern Plains – forecasts for moisture in the dryer areas of that region remain iffy at best. Overall the US wheat futures’ markets continue to be a trading range affair with a very slight bias for higher prices and that bias is being led by the KC market.
Interior cash prices for SRW continue to be quiet with no changes being seen dating back to the first of the month. Interior HRW prices jump in the wheat capitol of Oklahoma. This is the first change I have seen dating back to the first of September and then it was rolling from Sept to Dec at an 18 cent discount. Prices for export remain fully steady.
Yes, the wheat markets continue to show they are in a trading range dating back to early Sept. Recent activity, however, suggests they are trying to move higher. Daily momentum data fully supports this idea. Daily Support & Resistance March Chgo Wheat: $4.22 ($4.19) – $4.36 March KC Wheat: $4.29 ($4.26) – $4.40
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