Front month wheat trading has the board down by double digits so far. CBT SRW futures are down 14 1/4 to 18 1/4 cents. KC HRW is working with midday losses of 11 3/4 to 12 1/4 cents. Spring wheat futures are down 6 3/4 to 7 3/4 cents at midday.
The weekly Crop Progress report from NASS had 69% of the 23/24 winter wheat crop planted and 38% emerged. That is up from 55% and 26% last week as planting is now 1% point ahead of the average pace. Average emergence would be 44% as of 10/16.
The UN’s spokesperson said the Moscow meeting was positive and constructive – citing talks regarding the grain export corridors from Ukraine in a joint venture between Russia, Turkey, Ukraine, and the UN.
Ukraine’s Ag Ministry reported October grains exports were down just 2.4% yr/yr through 10/17, citing cooperation via the grain export corridors. Inspections in Istanbul Turkey picked up pace through the weekend, easing the backlog somewhat. There is still a sizeable amount of grain vessels backed up in the ports awaiting inspection. Ukraine has planted 58% of the expected winter grain area, including 2.5m HA of wheat (61% of expected).
Ukraine’s Ag Ministry reported 19.2 MMT of wheat was pulled from 100% of expected area finishing the 22/23 harvest.
Dec 22 CBOT Wheat is at $8.44 1/4, down 16 3/4 cents,
Mar 23 CBOT Wheat is at $8.62 1/2, down 16 1/4 cents,
Cash SRW Wheat is at $7.79 7/8, down 16 3/4 cents,
Dec 22 KCBT Wheat is at $9.40 1/4, down 11 3/4 cents,
Cash HRW Wheat is at $8.99 5/8, down 11 3/4 cents,
Dec 22 MGEX Wheat is at $9.49 1/2, down 5 3/4 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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