March Chgo Wheat closed 3 cents higher ($6.11 ¼), May 3 cents higher ($6.12 ¼) & July 2 ¼ cents higher ($6.06)
March KC Wheat closed 5 ¼ cents higher ($5.74 ½), May 4 ¾ cents higher ($5.78 ¼) & July 4 ¾ cents higher ($5.80 ½)
March Mpls Wheat closed 1 ¾ cents higher ($5.70 ¼), May 1 ½ cents higher ($5.78 ¾) & July 1 ¾ cents higher ($5.86 ¼)
Weekly Wheat Export Inspections – 391.2 K T. vs. 350-600 K T. expected
Not a lot of direct news concerning the wheat market. Weekly export inspections were a non-event to bearish. World wheat markets are quiet as most are still trying to figure out the ramifications of the Russian export tax and quota. So far the reaction has been rather muted. Going forward the daily wheat price action will remain subject to the goings on elsewhere in the Ag complex as well as the gyrations in the US dollar. If there was a feature to the wheat trade today it was the KC market continuing to assert itself vs. the Chgo and Mpls markets.
Interior cash wheat markets are quiet. This holds true for the export markets as well. Bull spreads in both Chgo and KC were modestly working. This is consistent with what’s happening in the rest of the Ag sector.
For the time being wheat prices will continue to be a crowd follower and right now the crowd is suggesting higher prices remain in the offering.
Daily Support & Resistance – 12/22
March Chgo Wheat : $6.05 – $6.21
March KC Wheat: $5.68 – $5.85
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