Wheat Fading With More Missile Info

After the initial uncertainty sparked gains from the missile news, further investigations have pulled that premium back put. Wheat markets ended Tuesday with gains after a missile hit Poland and caused casualties, provoking a scramble to figure out who fired it and from where. At the high, Dec SRW was up to $8.43 for a 24 cent gain, but closed 9 3/4 cents higher. The other front months were 7 3/4 to 9 3/4 cents higher. KC wheats ended 3/4 to 6 3/4 cents higher through the front months. MPLS wheat ended the day 8 to 11 cents in the black. 

Further analysis out of Poland revealed the missile that killed two farm workers likely originated as part of a Ukrainian defense system. NATO allies view the explosion as unintentional, with Poland electing not to invoke Article 4 of the treaty (a high level strategic defense meeting amongst member states). Russia’s ambassador met in Poland with Poland’s Foreign Ministry Spokesperson yesterday for additional understanding. 

USDA’s weekly Crop Progress data had 96% of the 23/24 winter wheat crop planted as of 11/13. That is up 4% points from last week and is 3% points ahead of average. Emergence reached 81%, matched with the average. Winter wheat conditions improved to 32% good/ex for a Brugler500 score of 291, from 286 last week and 326 last year. 

Dec 22 CBOT Wheat  closed at $8.28 1/4, up 9 3/4 cents, currently down 25 cents

Mar 23 CBOT Wheat  closed at $8.48, up 9 3/4 cents, currently down 23 3/4 cents

Cash SRW Wheat  was $7.62 3/8, up 10 5/8 cents,

Dec 22 KCBT Wheat  closed at $9.63, up 6 3/4 cents, currently down 19 1/4 cents

Cash HRW Wheat  was $9.21 3/8, up 6 3/4 cents,

Dec 22 MGEX Wheat  closed at $9.74, up 11 cents, currently down 18 1/2 cents