The wheat market was mostly higher on Tuesday. Chicago prices ended with ½ to 5 cent gains. KC wheat closed fractionally mixed to 1 ¾ cents higher. Spring wheat futures ended the day with a penny to 3 ¾ cent gains.
The Weekly Crop Progress report from USDA had 1% of the national 24/25 winter wheat crop planted – via 9% in WA, and 8% in SD. That compares to 3% for the 5-yr average.
Analysts estimate the Canadian wheat stocks were between 3.7 MMT and 4.6 MMT as of July 31. The average trade guess of 4 MMT would be 340k MT looser yr/yr if realized.
USDA’s weekly Export Inspections data had 299,862 MT of wheat shipments for the week that ended 8/31. That was a 90.5k MT decrease for the week and was down from 538k MT during the same week last year.
Sep 23 CBOT Wheat closed at $5.72 1/2, up 5 cents,
Dec 23 CBOT Wheat closed at $5.99 1/4, up 3 3/4 cents,
Cash SRW Wheat was $5.08 3/4, up 3 7/8 cents,
Sep 23 KCBT Wheat closed at $7.21 1/4, up 3/4 cent,
Cash HRW Wheat was $6.51 3/4, up 2 1/4 cents,
Sep 23 MGEX Wheat closed at $7.35 1/4, up 1 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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