Wheat futures posted double-digit gains on Monday despite weaker export data, supported by spillover strength from corn and soybeans. Chicago SRW contracts rose 11 3/4 to 15 1/2 cents, KC HRW futures were up 7 1/2 to 12 3/4 cents, and MPLS spring wheat gained 8 1/2 to 11 1/4 cents. The USDA reported 59% of the US winter wheat crop harvested, 8% ahead of normal, with conditions steady at 26% good to excellent. Weekly export inspections showed wheat shipments of just 133,652 metric tons, a 66.38% drop from the prior week and 74.44% below the same week last year. Saudi Arabia purchased 661,000 metric tons of wheat in a tender, while the French wheat crop was rated 68% good to excellent, down 6% from the previous week.
Spillover strength from corn and soybeans, plus Saudi wheat purchase, drove gains despite weak export data.
Spillover strength from corn and soybeans, plus Saudi wheat purchase, drove gains despite weak export data.