Limit Gain for Sep SRW Wheat

The winter wheat markets will all trade with expanded 90c limits in the Tuesday session after news broke over the weekend over Russian missile attacks on Ukrainian export infrastructure left the Sep SRW contract lock limit higher - options were trading synthetically with an extra 2c gain. The other SRW futures were 6.5% to 8.3% higher at the close. KC Wheat futures rallied 5.5% to 6.7% higher on the day, going home 46 to 58 cents in the black – and above the $9 mark for the first time since November 17th. Spring wheat futures were 4 to 5.5% stronger with gains of as much as 49 cents. MGE wheat will maintain their 60 cent limits in the Tuesday session. 

USDA flashed a 121k MT new crop soybean sale to China this morning. 

NASS mentioned winter wheat harvest is complete in AR, MO, OK, and TX as of 7/23. The national crop was 68% harvested compared to 77%, with KS 11% points lagging their average at 87% finished. The spring wheat crop was shown 94% headed, 1ppt ahead of average. Spring wheat conditions were 4 points worse on the Brugler500 point scale compared to last week via 3% points less G, and 1% point each to P, VP, and E. Washington spring wheat was down the hardest, though each reported states conditions were lower for the week. 

Weekly Export Inspections data had wheat shipments at 358,796 MT for the week that ended 7/20. That was an 85,621 MT increase for the week, but was 116.7k MT lighter yr/yr. By class, the report showed 142k MT for HRS and 100k MT for white while HRW shipments were less than 20k MT for the week. The Philippines were the top destination with 40% of the total. The season’s total reached 2.153 MMT as of 7/20, compared to 2.592 MMT last year. 

Sep 23 CBOT Wheat  closed at $7.57 1/2, up 60 cents,

Dec 23 CBOT Wheat  closed at $7.77 1/2, up 59 3/4 cents,

Cash SRW Wheat  was $6.93, up 58 3/8 cents,

Sep 23 KCBT Wheat  closed at $9.18 1/2, up 58 1/4 cents,

Cash HRW Wheat  was $8.68 1/2, up 55 7/8 cents,

Sep 23 MGEX Wheat  closed at $9.36, up 49 cents,