Wheat is rallying back from losses on Tuesday, with the Wednesday session starting off with gains across all three markets. Chicago SRW futures were down 6 to 7 cents on Tuesday, as March slipped 11 cents. Open interest was down 14,838 contracts on Tuesday, mainly in the front two contracts. KC HRW futures were 3 to 4 cents in the red at the close. OI slipped 1,474 contracts. MPLS spring wheat was down 3 to 4 cents lower so far on the day.
Tuesday morning’s Export Inspections report showed 375,402 MT (13.79 mbu) of wheat shipped in the week of 2/12. That was 35.34% below the week prior but 49.66% above the same week last year. Japan was the largest destination of 170,930 MT, with 58,732 MT shipped to Mexico and 36,892 MT to the Dominican Republic. The marketing year total is now 17.704 MMT (650 mbu) of wheat shipped since June, which is still 18.91% below the same period last year.
