Spring Wheat Futures Market News and Commentary
Chicago futures turned red at midday and spent the afternoon working lower. Front month SRW futures ended with fractional to 9 1/2 cent gains on the day. KC wheat faded through the afternoon as well, but stayed fractionally to 7 cents higher at the close. Spring wheat prices were fractionally higher to 3 3/4 cents in the black as well.
The Crop Progress report from NASS showed 40% of the winter wheat crop was planted as of 10/2. That compares to 31% last week and 44% on average. In KS, 30% of the 23/24 crop was in the ground – from 39% on average. Emergence was marked at 15% per the weekly report. That is up from 9% last week and just 2% points behind the average.
Weekly wheat exports were reported at 667,577 MT according to the USDA’s Inspections data. That was up 78k MT wk/wk and was up 51k MT from the same week last year. The Philippines and China were the top destinations. White wheat was the top variety with 42% of the total export, followed by HRS with 29%. Accum... Read more