Wheat futures were left behind on Halloween as most of the CBoT grain futures traded higher. In addition to missing out on the session gains, stomped lower by Frankenstein’s Monster’s boot. Chicago closed with 1.2% to 1.5% losses on the day, ending the month of October on a net 14 ¾ cent gain. KC futures led the way lower on Tuesday, finishing the day down by 2% to 2.4% and the month down by 34 cents. Spring wheat prices also ended with 5 to 8 cent losses on the last trade day of October.
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 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 index 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 $5.56 1/4, down 9 3/4 cents,
Mar 24 CBOT Wheat closed at $5.85 1/4, down 9 cents,
Cash SRW Wheat was $4.76 3/4, down 9 1/4 cents,
Dec 23 KCBT Wheat closed at $6.29 1/4, down 15 3/4 cents,
Cash HRW Wheat was $5.67 1/2, down 16 1/4 cents,
Dec 23 MGEX Wheat closed at $7.09 1/4, down 8 1/2 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.
/Alphabet%20Inc_%20and%20Google%20logos%20by%20IgorGolovinov%20via%20Shutterstock.jpg)
