Wheat Post Gains Following Peace Talks

The wheat complex came out of the long weekend with gains across the board. Chicago SRW contracts were 6 ¼ to 14 ¼ cents higher at the close. KC HRW futures posted gains of 4 to 18 cents on Tuesday. MPLS spring wheat saw strength of 8 ½ to 11 cents to close out the session.

A US envoy visited Russia and Ukraine over the weekend to discuss options for a peace deal between the two countries. The talks made little immediate progress as Russia struck Ukraine’s capital overnight and Ukraine’s president Zelensky stated that he expects the war to continue into winter.

The weekly NASS Crop Progress report showed 86% of the US spring wheat crop harvested by Sunday, 3% ahead of the normal pace. The winter wheat crop was lagging the 5 year average for planting pace, by 3 percentage points at 2% complete.

Tuesday’s weekly Export Inspections report showed wheat shipments of 342,733 MT (12.59 mbu) in the week of 9/3. That was 20.66% below the week prior and 20.13% below the same week last year. Mexico was the largest destination of 68,658 MT, with 68,049 MT shipped to Indonesia and 65,885 MT to Vietnam. Shipments for the marketing year are now 5.13 MMT (188.5 mbu) of wheat, which is 27.75% below the same period last year.

The Saudi Arabia tender for 535,000 MT was cancelled after offer submitted were unsuitable. South Korean importers tendered for 100,000 MT of wheat from the US and Canada.

Sep 26 CBOT Wheat  closed at $7.30 1/4, up 14 1/4 cents,

Dec 26 CBOT Wheat  closed at $7.47, up 13 cents,

Sep 26 KCBT Wheat  closed at $8.04 3/4, up 18 cents,

Dec 26 KCBT Wheat  closed at $8.19, up 16 3/4 cents,

Sep 26 MIAX Wheat  closed at $7.29, up 9 cents,

Dec 26 MIAX Wheat  closed at $7.54, up 9 cents,

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