The domestic wheat futures market rallied double digits on Tuesday. Chicago SRW led the way higher with 13 to 16 cent gains of as much as 2.6%. KC HRW futures were 1.9% to 2.2% higher on the day. MPLS spring wheat prices gained 1.4% to 1.6% on Tuesday.
South Korea booked 135k MT of wheat via tender, sourced with 50k from U.S. and Australia and 35k MT from Canada.
U.S. wheat import purchases have reached 7 cargoes of 30k MT each – according to Reuters sources. Poland (5) and Germany (2) were reported as the source origins.
NOAA’s 7-day QPF has more precip in the forecast for N.E. Colorado through the Texas panhandle. Accumulations top out near 2 1/2” with most of the W. HRW regions expecting at least 3/4”.
The weekly Crop Progress report showed spring wheat planting advanced 24% points to 64% complete. The average pace would have 73% in the ground by 5/21. Minnesota advanced 46% through the week and is now 3% points ahead of average. NASS had winter wheat 61% headed as of 5/21 – matching the 5-yr average. In KS, 73% of the crop was headed and in OK 95% was headed as of 5/21.
Jul 23 CBOT Wheat closed at $6.22 1/4, up 16 cents,
Sep 23 CBOT Wheat closed at $6.34 1/2, up 15 3/4 cents,
Cash SRW Wheat was $5.61 1/4, up 16 cents,
Jul 23 KCBT Wheat closed at $8.41 1/2, up 15 3/4 cents,
Cash HRW Wheat was $8.11 5/8, up 15 7/8 cents,
Jul 23 MGEX Wheat closed at $8.20 3/4, up 11 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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