Hard Red Wheat Futures Market News and Commentary
The wheat complex saw several contracts close at the limit on Monday across all three exchanges. CBT and KC contracts were up the 70 cent limit in front months with deferred contracts double digits higher as well. MPLS was up their respective 60 cent limit in the front months. The winter wheat contracts will have expanded $1.05 limits on Tuesday, with MGE expanding to 90 cents.
Over the weekend, India took steps to limit exports. This was incorrectly reported in the media as a ban, but Bangladesh has indicated they will not be restricted, Egypt has indicated they have been promised 500,000 MT, and India has confirmed that other sales with active letters of credit will be allowed to proceed. The above did not prevent wheat from gapping higher on Sunday night.
Following the close, the NASS Crop Progress report showed the winter wheat crop at 48% headed, lagging the 53% normal pace. As of Sunday, condition ratings slipped 2% to 27% gd/ex. Much of that loss went to the very... Read more