Wheat Fades into Close, Stays Higher for Monday

The wheat market fell into the Monday close, but stayed higher for the day. Chicago prices were fractionally weaker to 1 ½ cents in the black at the close. Dec saw a 13 ¼ cent range on the day. KC wheat futures ended the day fractionally higher to 2 ¼ cents in the black. Spring wheat stayed the firmest on the day, but still closed 9c off their highs on 3 to 7c gains. 

The weekly Crop Progress report showed winter wheat planting advanced 11% points to 77% finished as of 10/22. The average pace is to be 78% planted. KS was marked at 85% planted, compared to 79% on average. Emergence was listed at 53%, signaling the initial condition ratings for next week’s report. That matched the 5-yr average emergence rate for the week. 

The weekly Export Inspections report showed 168,868 MT of wheat was exported during the week that ended 10/19. That was down from 356k MT last week but was 35.5k MT above the same week last year. USDA had HRW shipments at 62k and HRS shipments at 55k MT of the total. The season’s total wheat export was 6.923 MMT, down 2.59 MMT (27%) from last year’s pace. 

The Ukrainian Ag Ministry reported 39.2 MMT of grain harvest as of 10/20, including 22.3 MMT of wheat (+15% yr/yr). 

The International Grains Council raised projected wheat production by 2 MMT to 785 MMT. Projected ending stocks were maintained at 263 MMT. 

According to the BAGE, wheat conditions in Argentina continue to deteriorate, with the Exchange estimating 47% of the crop is in poor or very poor condition.

Dec 23 CBOT Wheat  closed at $5.87 1/4, up 1 1/4 cents,

Mar 24 CBOT Wheat  closed at $6.15, up 1 1/2 cents,

Cash SRW Wheat  was $5.05 3/8, up 1 1/4 cents,

Dec 23 KCBT Wheat  closed at $6.70 3/4, up 3/4 cent,

Cash HRW Wheat  was $6.08 3/8, up 3/4 cent,

Dec 23 MGEX Wheat  closed at $7.37 3/4, up 7 cents,