Wheat is slipping back lower early on Wednesday. All three wheat markets closed with gains on Tuesday. Chicago SRW saw gains of 6 to as much as 7 ¼ cents to close out the session. Preliminary open interest in Chicago was up 2,281 contracts. KC contracts were 6 to 7 ½ cents in the green on Turnaround Tuesday. Preliminary OI was up 2,200 contracts on Tuesday. MPLS spring wheat got a recovery on the Tuesday session, with contracts up 3 to 5 ¼ cents at the close.
Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. It also expects to boost rice imports by Japan, with Japan buying $8 billion in ag goods.
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 spring wheat tour estimated the northern North Dakota area yield at 50 bpa, which is below the 52.5 bpa average for the same region last year.
Sep 25 CBOT Wheat closed at $5.49 1/2, up 7 1/4 cents, currently down 2 1/2 cents
Dec 25 CBOT Wheat closed at $5.69 1/2, up 6 1/4 cents, currently down 2 cents
Sep 25 KCBT Wheat closed at $5.33 1/4, up 7 1/2 cents, currently down 2 1/4 cents
Dec 25 KCBT Wheat closed at $5.55, up 6 3/4 cents, currently down 2 cents
Sep 25 MGEX Wheat closed at $5.92 3/4, up 5 1/4 cents, currently down 1 cent
Dec 25 MGEX Wheat closed at $6.12 3/4, up 3 1/4 cents, currently up ¾ cent
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.
