Wheat Market News and Commentary

Wheat futures are currently UNCH (MPLS) to 2 1/2 cents higher (CHI) after settling steady to 4 cents lower on Monday. Weak export data offset a lower dollar. There was a little net selling interest in Chicago, with preliminary open interest up 3959 contracts. Weekly Export Inspections data showed that wheat shipments in the New Year’s week of Jan 3 totaled 260,134 MT. That was down 31.58% from last week but up 10.59% from the same week last year. The Philippines took the largest chunk of the total at 87,297 MT. Following their rejection of an Argentine cargo on quality grounds, Algeria is tendering for 50,000 MT of wheat for late Feb and early March delivery.

--provided by Brugler Marketing & Management

Market Commentary provided by:

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