Wheat Futures Fall on Tuesday

The turnaround Tuesday session in the wheat market left Chicago futures 1% in the red and back to net lower for the week’s move. The KC HRW futures market closed down by 7 ¾ to 8 ¾ cents. Spring wheat finished the session 9 ¼ to 9 ¾ cents lower on 1.2% losses. Oats Futures Prices  were stronger on the day, closing 3 to 4 ¼ cents higher for a 4-day gain of 15 cents.

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  closed at $5.80 1/2, down 6 3/4 cents,

Mar 24 CBOT Wheat  closed at $6.07 1/2, down 7 1/2 cents,

Cash SRW Wheat  was $4.99 5/8, down 6 3/4 cents,

Dec 23 KCBT Wheat  closed at $6.63, down 7 3/4 cents,

Cash HRW Wheat  was $6.01 3/4, down 7 5/8 cents,

Dec 23 MGEX Wheat  closed at $7.28 1/4, down 9 1/2 cents,