Wheat Dec '22 (ZWZ22)
Wheat Futures Market News and Commentary
Wheat is trading at new highs early on Wednesday, with gains across the board. The wheat complex posted a double digit rally across the three exchanges on Tuesday. Chicago SRW futures were 17 to 28 1/4 cents higher on Tuesday. Open interest was down 1,644 contracts on Tuesday. KC HRW futures were up 18 to 29 ½ cents across most contracts. OI was down 7,438 contracts suggesting shorts were being flushed out. MPLS spring wheat was 12 1/2 to 21 1/2 cents higher across the board.
Crop Progress data showed the US spring wheat crop at 19% planted, now 3 percentage points behind the pace from the last 5 years (22%). Planting progress in MN was 10 percentage points behind normal, with ND lagging by 6% and SD 1 back of normal. Emergence was pegged at 5%.
The winter wheat crop was at 34% headed, which was 13 percentage points head of normal. Condition ratings were unchanged 30%, though the Brugler500 index was down 3 points to 287 on a 2% drop out of fair to poor (+1%) and very p... Read more
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Wheat is trading at new highs early on Wednesday, with gains across the board. The wheat complex posted a double digit rally across the three exchanges...
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I am Stephen Davis, senior market strategist at Walsh Trading, Inc., Chicago, Illinois. You can reach me at 312-878-2391. Last week I wrote about the gap...
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