Wheat Bulls Still In Charge

Overnight action in the Chicago SRW market was sharply higher, up 6 to 9 cents per bushel. Gains are more muted in the hard wheats, with KC up 1 to 2 and MPLS up 3 to 4 cents. Wheat came out of the extended holiday break yesterday with gains. Chicago SRW futures posted double digit gains of 9 3/4 to 11 cents. KC HRW futures were up by 4 to 5 3/4 cents at the close. Spring wheat also was up 1 1/4 to 2 1/4 cents. The latest Export Inspections report indicated there were 435,129 MTof wheat shipments for the week ending 01/16. Wheat exports were down 125,847 MT wk/wk and were 89,813 MT below the same week last year. Within the same report, MYTD shipments were at 15.918 MMT, which is 13.56% ahead of last year’s pace. Pakistan approved an import quota that totals 300,000 MT of wheat. Japan issued a tender for 108,926 MT of wheat, with 82,692 MT of U.S. specific, the rest should be sourced from Canada.

--- provided by Brugler Marketing & Management

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