The Tuesday wheat market faded Monday’s gains with +30 cent losses. Chicago SRW went home 26 3/4 to 37 cents in the red in the front months. December SRW printed an inside day, for a net weekly gain of 20 3/4 cents. HRW futures closed 24 to 33 1/2 cents red, with the front months back below the $10/bu mark. MPLS spring wheats ended 1.8% to 2.8% in the red, with December 29 cents weaker.
Crop Progress data released after the close had 55% of the expected winter wheat crop planted as of 10/9. That was up from 40% last week and trails the average pace by 3% points. In KS, planting reached 50% finished, compared to 54% on average. Emergence was pegged at 26% of the crop, which is behind the 32% average.
Weekly Inspections data delayed by Indigenous Peoples’ Day showed wheat exports were 614,371 MT for the week that ended 6/10. That was down from 667k MT last week but was up from 447k MT during the same week last year. Accumulated wheat shipments were 9.13 MMT trailing last year’s pace by just 0.73%.
Japan is seeking 94k MT of wheat from the U.S., Canada, and Australia in a regular tender.
China announced their 2023 wheat TRQ as 9.366 MMT – which is unchanged from this year.
Dec 22 CBOT Wheat closed at $9.01, down 37 cents,
Mar 23 CBOT Wheat closed at $9.17, down 34 1/2 cents,
Cash SRW Wheat was $8.34 1/4, down 37 cents,
Dec 22 KCBT Wheat closed at $9.90 3/4, down 33 1/2 cents,
Cash HRW Wheat was $9.49 5/8, down 33 1/2 cents,
Dec 22 MGEX Wheat closed at $9.85 1/4, down 29 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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