Wheat is starting off Tuesday with steady to 3 cent higher trade across the three major markets. The wheat complex rallied hard across all three exchanges on Monday. Chicago SRW futures were up 12 ½ to 14 cents on the day. Preliminary open interest in CBT showed net new buying up 2,678 contracts, with December up 2,678 contracts. KC HRW posted 12 ¼ to 13 ½ cent gains. MPLS spring wheat was 10 ¼ to 11 cents higher.
Monday afternoon’s Crop Progress report from NASS showed 25% of the US winter wheat crop planted by Sunday, 1% ahead of the normal 24% pace. Emergence was 4%, 1 percentage point behind the 5-year average. Spring wheat was 95% harvested by 9/22, 1% faster than normal.
The weekly shipment data from the Export Inspections report tallied 711,073 MT of wheat exported in the week of 9/19. That was a sharp 20.77% from last week and 46.39% larger than the same week last year. Shipments were fairly spread out, with 86,349 MT to Ecuador, 69,363 MT to the Philippines, and 68,784 MT to South Korea. Marketing year shipments have totaled 7.684 MMT, which is 35.69% above the same period last year.
Dec 24 CBOT Wheat closed at $5.82 1/2, up 14 cents, currently up 2 1/4 cents
Mar 25 CBOT Wheat closed at $6.01 1/4, up 13 3/4 cents, currently up 2 1/4 cents
Dec 24 KCBT Wheat closed at $5.77 1/4, up 13 1/4 cents, currently up 2 1/4 cents
Mar 25 KCBT Wheat closed at $5.90 3/4, up 13 1/4 cents, currently up 2 1/2 cents
Dec 24 MGEX Wheat closed at $6.19, up 11 cents, currently up 3 cents
Mar 25 MGEX Wheat closed at $6.40 1/2, up 10 3/4 cents, currently up 2 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.
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