Wheat is trading lower so far for the midweek session this morning. 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.
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 64% complete vs. the 73% average pace. NASS had winter wheat 61% headed as of 5/21 – matching the 5-yr average. In KS, 73% of the crop was headed.
Jul 23 CBOT Wheat closed at $6.22 1/4, up 16 cents, currently down 8 1/2 cents
Sep 23 CBOT Wheat closed at $6.34 1/2, up 15 3/4 cents, currently down 8 1/4 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, currently down 10 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, currently down 5 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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