Hard Red Wheat Dec '19 (KEZ19)

The wheat market is trading higher across all three exchanges this morning. They led the grain rally on Monday. Chicago contracts were up 10 to 21 cents across the board. Kansas City futures were 16 ¼ to 20 ¼ cents higher on the day. MPLS spring wheat posted lighter gains, but still 3 ¼ to 10 ¼ cents higher. Some frost over the weekend was reported in parts of HRW country, helping to nudge the market higher, with dryness talk for the southern Plains seemingly a required seasonal news factor.

After the close, NASS reported that the US winter wheat crop 17% headed, 4% above the normal pace. Condition ratings for the crop were at 50% gd/ex, a 5% drop on the week. That took the Brugler500 index down 10 points to 336. The spring wheat crop was 15% planted, 5% faster than average and also well above last year’s pace. USDA also reported the crop 2% emerged, 1% below normal. 

Weekly Export Inspection data from USDA showed 450,275 MT of wheat shipped in the week that ended on Apr... Read more