Hard Red Wheat Mar '12 (KEH12)
Hard Red Wheat Futures Market News and Commentary
The wheat complex was mostly lower on Monday across the three markets. Chicago SRW futures were mixed, with front months down 1 to 3 cents and back months higher. KC HRW futures saw nearby losses of 2 ¾ to 7 ½ cents at the close. MPLS spring wheat was 1 ¼ to 2 ¼ cents in the res on the day.Â
The next week looks a little wetter for parts of the Southern Plains, with parts of Central Texas through the panhandle and up through parts of Nebraska are seen with nearly 1 inch of precip.Â
Crop Progress data indicated 7% of the US winter wheat crop headed, ahead of the 5% 5-year average. The first condition rating for the year pegged the crop at 35% good/excellent, well below the average 42% estimate from analysts. That was shy of the 48% to start last year. The Brugler500 index (100-500 weighted scale) was at 298 points, which was 30 points below the start of last year. That was the 7th lowest start to the crop since 1990.
The first Crop Progress report of the year showed... Read more
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