CBT wheat futures rallied back on Thursday with double digit gains for March and May contracts. The other nearby gained 9 to 9 1/2 cents. HRW wheat also ended the day in the black with 8 1/4 to 8 1/2 cent gains. Spring wheat futures closed 7 3/4 to 8 1/2 cents higher. The weekly Export Sales report showed 540,351 MT of wheat bookings on the week ending 12/10. That was down 12% wk/wk and 38% lower than the same week last year. With just 238k MT of shipments, weekly data suggest accumulated exports now trail last year by 1%. The weekly update also showed Peru booked 21k MT of wheat for 2021/22 delivery. Buenos Aires Grain Exchange reported Argentine wheat harvest is 66.4% complete, trailing last year by 11.1 percent points but leading the 5-yr average by 0.9 percent points. Russian officials formally instituted a 25 euro/tonne wheat export tax for shipments between Feb 15 and June 30.
| Mar 21 CBOT Wheat closed at $6.08 3/4, up 10 1/4 cents, |
| Mar 21 KCBT Wheat closed at $5.70, up 8 1/2 cents, |
| Mar 21 MGEX Wheat closed at $5.67, up 8 1/4 cents, |
--- provided by Brugler Marketing & Management
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