
Wheat futures are another double digits in the black so far this morning. CBT SRW futures went home 6% to 7.6% higher on Tuesday, as December rallied 63 1/4 cents and erased large down days from Thursday and Monday. Preliminary OI showed a mix of short covering and net new buying fueling the rally. 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, with Russia’s Putin expected to hold a press conference after conferring with China’s Xi and India’s Modi in recent days.
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, currently up 13 1/2 cents
Mar 23 CBOT Wheat is at $9.07 1/4, up 60 3/4 cents, currently up 11 cents
Dec 22 KCBT Wheat is at $9.63, up 53 1/4 cents, currently up 11 cents
Dec 22 MGEX Wheat is at $9.59 1/4, up 41 cents, currently up 9 cents