Midday wheat prices remain in the red so far for Tuesday. The nearby CBT quotes are down by over 1% with double digit losses through Sep. KC HRW is giving back another 4 1/4 to 10 1/2 cents in the front months. Spring wheat quotes in Minneapolis are 3 1/4 to 4 3/4 cents lower for midday.
USDA’s weekly Crop Progress data showed KS wheat improved 7 points from last week on the Brugler500 scale to 246. In OK conditions were down by 1 point to 267 with 22% of winter wheat in the jointing stage. That is up from 11% last year but close to the 5-yr average. Winter wheat was 22% headed in TX, which is ahead of the 12% average pace. State condition ratings for wheat improved from 247 last week to 265 on the Brugler500 index.
The Ukrainian Ag Ministry reported the spring planting season has begun, earlier than normal, with 26k HA of spring wheat already planted. Ukraine’s Farm Ministry forecasts a 9 MMT lighter grain harvest of 44.3 MMT for 2023. Of that, 16.6 MMT is forecasted to be wheat production.
Russian grain production is forecasted 19% lower for 23/24, with 82.6 MMT of wheat output – UkrAgroConsult.
May 23 CBOT Wheat is at $6.86 1/2, down 14 1/4 cents,
Jul 23 CBOT Wheat is at $6.95 3/4, down 12 3/4 cents,
Cash SRW Wheat is at $6.34 1/2, down 14 1/4 cents,
May 23 KCBT Wheat is at $8.17 1/2, down 12 1/4 cents,
Cash HRW Wheat is at $7.79 1/1, down 12 1/4 cents,
May 23 MGEX Wheat is at $8.47 1/2, down 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. For more information please view the Barchart Disclosure Policy here.
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