Wheat Rallied Double Digits

Wheat futures finished Tuesday’s session higher, with Kansas City HRW futures leading the way at 16 cent gains. Chicago SRW wheat also topped double digit gains finishing up 11 1/4 cents. MLPS HRS gained 6 1/2 cents after turnaround Tuesday. Traders had drastically underestimated weekly wheat export inspections, as the 528,875 MT were well above the expected range of 250-350,000 MT. Wheat export inspections are 44.42% higher than the week ending 10/31, and were 33.03% higher than the same week last year. The MY accumulated export inspections for wheat are up to 421.07 mbu, which is 79 mbu above last year’s pace. The Crop Progress report, delayed by the holiday, illustrated that winter wheat was right with the average pace with 92% planted, and 78% emerged. Canadian wheat harvest continues to drag on, with Alberta reporting 89.5% complete. They were 95% done a year ago at this time.

DEC 19 CBOT Wheat closed at $5.17, up 11 1/4 cents,

DEC 19 KCBT Wheat closed at $4.38 3/4, up 16 cents,

DEC 19 MGEX Wheat closed at $5.21 3/4, up 6 1/2 cents

-- provided by Brugler Marketing & Management

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