Wheat is trading down by double digits and near the lows early on Wednesday morning. Wheat futures tried to lead the market out of the bearish coal mine on Tuesday, but ultimately faded into the red with the rest of the ag futures. CBT SRW ended the session with 2 to 3 1/2 cent losses for the day. That set May SRW at a fractional loss for the week. KC HRW futures were down by 1 3/4 to 3 1/2 cents on the day. The May contract is now at a net 5 1/4 cent loss for the week through Tuesday. Spring wheat futures closed near their lows on 2 1/4 to 4 1/4 cent losses. That set the May contract at a 6 1/4 cent loss WTD.
At the state level, NASS crop conditions converted KS to a 230 on the Brugler500 scale. That is the lowest of the reported states on Monday, 49 points under the National 279 Brugler500 score, and the lowest initial rating for KS since at least the 2012 drought. Initial conditions in TX scored a 253 on the Brugler500 Index, which is up by 84 points from last year’s start but still 33 points lower than 2-years back.
May 23 CBOT Wheat closed at $6.91 1/2, down 2 cents, currently down 14 1/4 cents
Jul 23 CBOT Wheat closed at $7.04, down 2 3/4 cents, currently down 14 1/4 cents
Cash SRW Wheat was $6.35 5/8, down 1 3/4 cents,
May 23 KCBT Wheat closed at $8.72 1/2, down 2 3/4 cents, currently down 19 1/4 cents
Cash HRW Wheat was $8.34 3/4, down 3 cents,
May 23 MGEX Wheat closed at $8.89 1/2, down 2 1/4 cents, currently down 16 1/4 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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