Spring Wheat Futures Market News and Commentary
Wheat prices are fading into the weekend with double digit losses so far. CBT SRW futures are down 2.13% to 2.55% on the board, with March overtaking the 8/18 $7.60 low. KC futures are giving back 2% to 2.7% through midday. Front month spring wheat futures are firmer, but still down by 0.5% to 1.7%.
NOAA’s 7-day QPF shows precip for most of the continental US. Snow in the North will equate to the rainfall equivalent of 1/4” for MN and the Dakotas, while E. OK through TN will get rain. Most of the accumulation will be in Tennessee with 5” expected over the week, but winter wheat fields will also get 1” to 2 1/2” of reserves moisture in Oklahoma and N.E. Texas. As of 11/28, NASA’s GRACE had 30-70% (normal) wetness at the root-zone for all of Missouri and most of Eastern KS. OK and TX were mostly normal to 90% in reserve at the root-zone, but Western NE and KS are at 10% or worse. Data from https://nasagrace.unl.edu/ .
Canada’s 22/23 wheat crop is 33.824 MMT according to... Read more