Hard Red Wheat Futures Market News and Commentary
Monday started the trade week with broad selling across most markets, including some double digit losses for wheat. KC HRW futures were down the most on the day, giving back 1.35% to 1.82% with double digit losses through Sept ’22. CBT SRW prices ended the session 0.53% to 1.13% in the red. Spring wheat futures closed 2 1/2 to 6 3/4 cents lower with losses of as much as 0.76%.
NASS shows 21% of the 22/23 winter wheat crop planted as of 9/19. That is up 9% points from last week and is now 3% points ahead of the average pace. Planting in CO was nearly halfway complete, outpacing their 35% average. In KS, USDA saw 13% of fields planted, compared to the 11% average. Emergence reached 3% of the national crop, which is 1% point above the 5-yr average. ECB planting will be slowed by heavy rains this week.
Weekly Export Inspections data showed U.S. wheat shipments were 563,390 MT during the week that ended 9/16. That was even with last week and was 60k MT above the same week l... Read more