Spring Wheat Futures Market News and Commentary
Wheat futures reversed losses from earlier this morning, with most contracts higher at close. CBT wheat was 24 to 30 cents in the front months, with KC rallying another 15 to 16 cents and MPLS up a modest 8 to 11 ¼ cents.
Much of the drop to winter wheat ratings from Monday came via worse ratings in KC (-10), OK (-22), and TX (-12). Parts of SRW country were improved, with IL up 20 points. The top producing spring wheat states are well below normal planting pace, with MN 70% behind at 5% and ND at just 17% complete, 43% below the average pace.
Japan is looking for 174,744 MT of wheat in their weekly MOA tender, with 59,566 MT US specific and the balance Australian and Canadian.
Jul 22 CBOT Wheat closed at $12.77 1/2, up 30 cents,
Cash SRW Wheat was $12.16 1/4, up 29 7/8 cents,
Sep SRW Wheat closed at $12.78 3/4, up 27 3/4 cents,
Jul 22 KCBT Wheat closed at $13.67 3/4, up 15 3/4 cents,
Cash HRW Wheat was $13.14 5/8, up 11 3/8 cents, Read more