Wheat Bulls Fight Back on Monday as Trade Tensions Ease

Wheat posted Monday strength across the three exchanges to close out the session. Chicago SRW futures were up 6 to 8 cents in the nearbys. KC HRW futures were 6 to 8 cents higher in the front months. MPLS spring wheat was 1 to 2 cents in the green on the day. Precip in the next week is expected to be minimal in the Plains over the next week.

Export Inspections data showed wheat exports totaling 251,637 MT in the week of 1/30. That was a drop of 47.86% from last week and 14.52% below the same week last year. Shipments were fairly spread out, with 55,000 MT headed to the Philippines, 40,000 MT on its way to South Korea, and 38.303 MT to Egypt. Marketing year shipments are now at 14.03 MMT (515.5 mbu), which is a 21.12% increase over the same time last year. 

Earlier this morning, following a meeting between President Trump and Mexico’s President, the tariffs on Mexico were pushed back month from the expected Tuesday start as Mexico is planning to send 10,000 troops to the border to slow the trafficking of drugs. After a meeting with President Trudeau this afternoon, tariffs on Canada were also pushed back for a month.

State Crop Progress data showed Kansas at 40% gd/ex, with the Brugler500 rating at 317, as OK winter wheat ratings were 50% gd/ex and 339 on the Brugler500 index scale, with TX ratings at 37% gd/ex and 311 respectively.

Mar 25 CBOT Wheat  closed at $5.66 3/4, up 7 1/4 cents,

May 25 CBOT Wheat  closed at $5.78 1/2, up 6 1/4 cents,

Mar 25 KCBT Wheat  closed at $5.85 3/4, up 6 1/2 cents,

May 25 KCBT Wheat  closed at $5.95 1/4, up 6 1/4 cents,

Mar 25 MGEX Wheat  closed at $6.16 1/2, up 1 cent,

May 25 MGEX Wheat  closed at $6.24 1/2, up 1 1/2 cents,

On the date of publication,

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