Domestic wheat futures came out of the weekend with gains. Spring wheat led the complex with 1.2% to 1.7% gains. HRW futures were 3 1/4 to 4 1/4 cents in the black at the closing bell. SRW wheat ended the first trade day of the week up by 1 3/4 to 3 1/2 cents. The weekly Export Inspections report from USDA showed 239,688 MT of wheat exports on the week. Ethiopia and Bangladesh were the top destinations on the week. MYTD 10.677 MMT have been exported, which outpaces last MY by 6%. Winter wheat planting progressed 11% on the week, with 77% of the 2021/22 crop planted. The 5-yr average is 72%. NASS noted that emergence was 51%, compared to 48% average. New crop ratings should be available in next week’s report. Ukraine’s Ag Ministry said their 2020 wheat output was 25.1 MMT, down 3.2 MMT yr/yr. Ethiopia issued an international tender for 280k MT of optional origin wheat.
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Dec 20 CBOT Wheat closed at $6.27, up 1 3/4 cents,
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Dec 20 KCBT Wheat closed at $5.63, up 4 1/4 cents,
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Dec 20 MGEX Wheat closed at $5.69 1/4, up 9 1/2 cents,
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--- provided by Brugler Marketing & Management
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