CBT wheat futures followed the other grain markets lower on Tuesday with 1.4% to 2% losses. The hard reds were mixed on the day. KC wheat futures went home with July and Sep losses of less than a nickel and with 1 to 3 cent gains in the deferred contracts. Spring wheat futures settled the day 5 1/2 cents higher because of the slow planting progress shown by NASS.
Oats Futures Prices were also mixed on Tuesday, as July bounced 4 1/4 cents and the deferred contracts closed fractionally mixed.
The KS Wheat Tour is active, with preliminary 1st day results expected later tonight. Individual Twitter results varied from 16 to 48 bpa, showing both drought and hail damage and some freeze damage. The final results will be out later this week.
NASS data showed spring wheat planting advanced from 24% to 40% during the week that ended 5/14. That is still 17% points behind the 5-yr average. NASS showed spring wheat emergence was 13%, compared to 23% on average. For winter wheat, 49% was headed as of 5/14, compared to 48% on average. Conditions improved nationally to 274 on the Brugler500 scale, though were UNCH at 29% good/ex.
NOAA’s updated 7-day QPF shows more rain in the forecast for Colorado/Kansas/Oklahoma and the TX panhandle. Accumulations top out near 2” but most of HRW acreage will get another 10th to a full 1” in the coming week.
Jul 23 CBOT Wheat closed at $6.47 1/2, down 13 1/4 cents,
Sep 23 CBOT Wheat closed at $6.60 1/4, down 11 3/4 cents,
Cash SRW Wheat was $5.87 1/2, down 14 3/8 cents,
Jul 23 KCBT Wheat closed at $8.95 1/4, down 3 cents,
Cash HRW Wheat was $8.64 1/8, down 3 cents,
Jul 23 MGEX Wheat closed at $8.78 3/4, up 5 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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