Wheat Prices Firm Ahead of Day Session

Wheat markets are mixed but mostly higher so far for Tuesday. The wheat futures market started the week with double digit drops of ~3%. Chicago wheat closed 23 3/4 to 29 1/4 cents in the red. Kansas City wheat prices ended the day 19 3/4 to 26 1/4 cent losses in the front months. Spring wheat prices ended with 16 1/2 to 20 1/2 cent losses on Monday. 

USDA reported the winter wheat planting pace at 21% finished, slightly behind analyst expectations for 24-25%. Last week was 10% planted and the average pace would have 17% in the ground by 9/18. Kansas was 15% planted. NASS reported emergence at 2%, matching the average. Spring wheat harvest reached 94% complete as of 9/18. 

Weekly wheat export inspections were 790,145 MT for the week of 9/15. Wheat shipments the previous week were 757k. The weekly Inspections report listed the season’s total at 7.211 MMT through 9/15, compared to 7.751 MMT last season. 

Coceral estimated the EU wheat crop at 140.5 MMT, down 2.5 MMT trim from their prior estimate. Spain and Hungary production accounted for most of the reduction due to heat stress. 

Dec 22 CBOT Wheat  is at $8.30 1/2, down 29 1/4 cents, currently up 4 cents

Mar 23 CBOT Wheat  is at $8.46 1/2, down 28 1/4 cents, currently up 4 3/4 cents

Cash SRW Wheat  was $7.64 on Monday, down 29 1/8 cents,

Dec 22 KCBT Wheat  is at $9.09 3/4, down 25 1/2 cents, currently up 3 1/4 cents

Cash HRW Wheat  was $8.67 5/8 on Monday, down 25 1/2 cents,

Dec 22 MGEX Wheat  is at $9.18 1/4, down 20 1/2 cents, currently up 1/2 cent