The wheat futures firmed up in the afternoon and flipped Chicago prices back to net gains for the day. SRW futures went home fractionally to 2 ½ cents higher. KC HRW futures were fractionally to a penny in the red at the close. Spring wheat futures stayed the weak link of the domestic markets and ended the day down by 2 to 8 ¾ cents.
Areas in Europe are struggling to get the wheat crop out citing nearly daily rainfall since late July. According to the EU Monitoring Agricultural Resources unit, France, Germany, and Benelux are the most impacted on prolonged and stalled harvest. Quality concerns and Fungal issues are being monitored.
The 23/24 winter wheat harvest advanced another 4% points on the week to 96% finished. The spring wheat harvest advanced 15% points through the week to 39% finished. That is still 7% points behind the average pace. Spring wheat condition ratings on Brugler500 Index were down 7 points to 314.
Sep 23 CBOT Wheat closed at $6.01 3/4, up 2 1/2 cents,
Dec 23 CBOT Wheat closed at $6.27 1/2, up 2 cents,
Cash SRW Wheat was $5.33 1/4, up 1 1/2 cents,
Sep 23 KCBT Wheat closed at $7.40, down 1 cent,
Cash HRW Wheat was $6.77 5/8, down 2 1/8 cents,
Sep 23 MGEX Wheat closed at $7.73 1/2, down 8 3/4 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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