Wheat Futures Hold on To Double Digit Gains

At the close on Tuesday, domestic wheat futures were up double digits, with 2.35% to 2.58% gains in SRW leading the way. Chicago wheat closed 11 1/2 to 16 3/4 cents in the black. Kansas City HRW wheat ended the session up by 11 1/4 to 13 3/4 cents. Minneapolis spring wheat futures closed with 11 3/4 to 12 1/4 cent gains. Winter wheat ratings relative to December were mixed. Kansas was 43% good/ex down 3 ppts mo/mo. Russian officials announced the official wheat export tariff increase. Tariffs and taxes can be paid in effect by the buyer or by the seller. If by the buyer, export prices rise while domestic prices are stagnant. If by the seller, internal (i.e. farmer) prices are lower but the world market doesn’t see an increase. Effective March 1 through June 30, the higher tax is 50 euros/tonne. Japan’s MoA seeks 60,715 MT of Australian wheat.

Mar 21 CBOT Wheat closed at $6.65 1/4, up 16 3/4 cents,
Mar 21 KCBT Wheat closed at $6.41, up 13 3/4 cents,
Mar 21 MGEX Wheat closed at $6.38, up 12 cents,

--- provided by Brugler Marketing & Management




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