All three wheat markets are higher at midday on Tuesday after settling lower on Monday. Wheat pushed lower across the three markets on Monday, led by spring wheat. Chicago SRW is up 4 to 7 cents after CBT prices were 3 to 4 cents lower on Monday. Preliminary open interest showed new selling interest up 2,270 contracts. KC contracts were 3 to 4 cents in the red at the close, but 5 to 8 higher in middle of Tuesday trade activity. Preliminary OI suggested a rotation of ownership, up just 38 contracts. MPLS spring wheat was down 8 to 9 cents yesterday, but up 4 to 7 cents here on Tuesday.
NASS Crop Progress data released after the Monday close showed 73% of the US winter wheat crop harvested by Sunday, 1 point ahead of the average pace. Spring wheat development was 1% behind normal at 87% headed. Condition ratings for the northern crop were down 2% to 52% gd/ex, as the Brugler500 index was down 7 for the week to 338.
The Wheat Quality Council Tour starts today and will generate some social media reports on spring wheat prospects.
The Russian ag ministry estimates the country’s wheat crop at 88-90 MMT for this year, still above some private estimates and the USDA.
Sep 25 CBOT Wheat is at $5.50, up 7 3/4 cents,
Dec 25 CBOT Wheat is at $5.69 3/4, up 6 1/2 cents,
Sep 25 KCBT Wheat is at $5.34 1/2, up 8 3/4 cents,
Dec 25 KCBT Wheat is at $5.56, up 7 3/4 cents,
Sep 25 MGEX Wheat is at $5.93 3/4, up 7 1/4 cents,
Dec 25 MGEX Wheat is at $6.13 3/4, up 5 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
