Tuesday futures finished the trade session mixed as spring wheat was higher on the day. The front month HRS futures went home 1 ¼ to 2 ¼ cents higher. Chicago futures were 3 ½ to 7 ¼ cents weaker. KC futures went home down by 1 ¼ to 4 cents on the day.
The weekly Crop Progress report showed the 24/25 winter wheat planting advanced 8% points to 15% finished as of 9/17. KS was marked at 8% planted, compared to 10% on average – while the national pace is 1% point behind the past 5yrs. Spring wheat harvest advanced 4% points to 93% complete. The average pace would be 95% harvested as of 9/17.
Kazakhstan’s Ag Minister reported the grain harvest at 6.6 MMT as of 9/19. That is down from 14.2 MMT at the same point last year, reflecting both weaker yields and a slower harvest pace.
Chinese Custom’s data had 840k MT of wheat imports for August. That was up 58% from Aug ’22. The year-to-date total 53% above 2022’s pace with 9.56 MMT through August. Wire sources have China as buyers for between 5-10 60k cargoes of French wheat for delivery Nov-Mar. Algeria is tendering for milling wheat for Nov-Dec shipment.
Dec 23 CBOT Wheat closed at $5.84, down 7 1/4 cents,
Mar 24 CBOT Wheat closed at $6.10 1/4, down 6 1/2 cents,
Cash SRW Wheat was $4.96 3/8, down 7 1/4 cents,
Dec 23 KCBT Wheat closed at $7.31, down 4 cents,
Cash HRW Wheat was $6.58 1/4, down 4 1/4 cents,
Dec 23 MGEX Wheat closed at $7.79 3/4, up 2 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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