Wheat prices are trading back near UNCH as we roll into the midweek’s day trade. Futures were up by 7 cents overnight, but the CBT futures are currently fractionally lower and the hard reds are fractionally to 4 cents in the black. The winter wheats pulled back on Tuesday, while the Spring wheat futures were 3 cents in the black at the close. CBT futures ended the day 3 to 7 cents in the red. KC HRW futures were down by 1 ¾ to 2 ½ cents at the close. Preliminary open interest showed long liquidation in the CBT December contract, dropping 12,835 contracts in one day. There are still 125,064 open with almost a month until expiration.
The Crop Progress report on Monday night had 93% of the winter wheat crop planted as of 11/12. That is up 3% from last week and compares to 93% on average. KS was marked at 97% finished. Emergence was reported at 81%. Conditions converted to a 331 on the Brugler500 Index, down from 335 last week.
Dec 23 CBOT Wheat closed at $5.72, down 7 cents, currently down 1/4 cent
Mar 24 CBOT Wheat closed at $5.97 3/4, down 4 1/2 cents, currently down 1/2 cent
Cash SRW Wheat was $4.91 3/8, down 6 1/8 cents,
Dec 23 KCBT Wheat closed at $6.39 3/4, down 1 3/4 cents, currently up 1 cent
Cash HRW Wheat was $5.71 3/8, down 1 1/2 cents,
Dec 23 MGEX Wheat closed at $7.34 1/2, up 5 3/4 cents, currently up 4 1/4 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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