5-7% Gains for Wheat Futures

Front month wheat prices rallied back by enough on Turnaround Tuesday to leave the board in the plus territory for the week. CBT SRW futures went home 6% to 7.6% higher on the day, as December rallied 63 1/4 cents to within 6 1/2 cents of $9/bu. KC futures closed Tuesday with front month gains of 4.8% to 5.8%. Spring wheat futures went home 25 1/4 to 41 cents higher after a 4.5% rally in the December contract. Tensions in the Black Sea controlled the narrative. 

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 the emergence at 2%, matching the average. For 22/23 spring wheat, harvest reached 94% complete as of 9/18. 

Ukraine’s UkrAgroConsult reported the 23/24 wheat planting reached 9% complete – noting a potential 17.4% area reduction. Coceral estimated the EU wheat crop at 140.5 MMT, after a 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 $8.93 3/4, up 63 1/4 cents,

Mar 23 CBOT Wheat  is at $9.07 1/4, up 60 3/4 cents,

Dec 22 KCBT Wheat  is at $9.63, up 53 1/4 cents,

Dec 22 MGEX Wheat  is at $9.59 1/4, up 41 cents,