Wheat Spreads Reverse on Monday

KC futures recovered some of the premium given to the SRW and HRS markets over the past few weeks (Dec HRW -48 c/bu vs Dec SRW since Sep 1). HRW futures were in the black on Monday, though off their highs to settle fractionally to 2 cents higher. Chicago wheat pulled back by 5 ½ to 9 ½ cents on the first trading day of the week. MGE spring wheat futures closed 1 ¼ to 2 cents in the red. 

The Crop Progress report had 84% of the winter wheat crop planted through 10/29. That was up from 77% last week and is 1ppt behind the 5-yr average. Kansas was shown 91% planted compared to 87% on average. Emergence was over 50% with 64% of the crop emerged, granting the initial crop condition ratings. NASS scored the crop 7% VP, 11% P, 35% F, 39% G, and 8% E for a Brugler500 conversion of 330. Winter wheat crops in MT (423) and CA (415) scored the highest initial rating, compared to 281 in Kansas. 

Weekly Inspections data showed 189,842 MT of wheat was exported during the week that ended 10/26. That was up from 169.5k MT last week and from 137k MT during the same week last year. USDA had the season’s total at 7.114 MMT, compared to 9.65 MMT at the same time last year. 

Dec 23 CBOT Wheat  closed at $5.66, down 9 1/2 cents,

Mar 24 CBOT Wheat  closed at $5.94 1/4, down 8 1/4 cents,

Cash SRW Wheat  was $4.85, down 9 3/8 cents,

Dec 23 KCBT Wheat  closed at $6.45, up 2 cents,

Cash HRW Wheat  was $5.83 3/4, up 2 cents,

Dec 23 MGEX Wheat  closed at $7.17 3/4, down 2 cents,