The wheat market is red through Tuesday’s midday. Chicago prices are trading 6 to 7 cents lower so far. KC HRW futures are down by 6 to 8 cents through midday. The spring wheat market is trading with a dime loss of over 1.2% across the active months.
The weekly USDA 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. 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 Ukrainian Ag Ministry reported 700k MT of grains have been shipped via their Black Sea ports, despite their being no corridor agreement with Russia. The Ministry mentioned that most of the grain exports still travel through Romania via the Danube.
Wheat conditions in Argentina continue to deteriorate, as BAGE suggests 47% of the crop is in poor or very poor condition.
Dec 23 CBOT Wheat is at $5.82 1/2, down 4 3/4 cents,
Mar 24 CBOT Wheat is at $6.09 1/4, down 5 3/4 cents,
Cash SRW Wheat is at $5.01 5/8, down 4 3/4 cents,
Dec 23 KCBT Wheat is at $6.65, down 5 3/4 cents,
Cash HRW Wheat is at $6.03 3/4, down 5 5/8 cents,
Dec 23 MGEX Wheat is at $7.26 3/4, down 11 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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