The wheat market posted solid gains on the Tuesday session. Chicago SRW contracts were up 5 to 14 ¼ cents at the close. Kansas City HRW futures rallied 9 to 17 1/4 cents higher. MPLS spring wheat futures were 6 3/4 to 17 1/2 cents higher on the day.
The 7-day QPF from NOAA shows little precip in the Plains over the next week. Much of the crop is starting to head out of dormancy, meaning soil moisture will be at more of a premium. Currently KS subsoil moisture is 22% adequate or surplus, with TX at 30%.
May 23 CBOT Wheat closed at $6.96 1/4, up 11 3/4 cents,
Jul 23 CBOT Wheat closed at $7.06 3/4, up 11 1/4 cents,
Cash SRW Wheat was $6.44 3/8, up 12 cents,
May 23 KCBT Wheat closed at $8.17 3/4, up 17 1/4 cents,
Cash HRW Wheat was $7.81 1/4, up 17 1/4 cents,
May 23 MGEX Wheat closed at $8.50, up 17 1/2 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. For more information please view the Barchart Disclosure Policy here.
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