Wheat Starting November with Gains

The morning wheat trade has prices working higher into the new month, with 4 to 7 cent gains so far. Wheat futures were left behind on Halloween as most of the CBoT grain futures traded higher. 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. NASS conditions converted to a Brugler500 index of 330. Winter wheat crops in MT (423) and CA (415) scored the highest initial rating, compared to 281 in Kansas. 

Dec 23 CBOT Wheat  closed at $5.56 1/4, down 9 3/4 cents, currently up 4 1/2 cents

Mar 24 CBOT Wheat  closed at $5.85 1/4, down 9 cents, currently up 4 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, currently up 7 1/4 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, currently up 4 1/2 cents