The wheat market is showing some Turnaround Tuesday strength off Monday’s weakness. Chicago SRW contracts are up 7 to 9 ¼ cents at midday. Kansas City HRW futures are 7 to 8 ¼ cents higher. MPLS spring wheat contracts are up anywhere from 2 to 8 ¼ cents.
The weekly NASS Crop Progress report indicated the US winter wheat planting pace was 95% complete by Sunday, lagging the 5-year average by 1%. Emergence of the crop was 87% vs. the 85% average. Condition ratings were scored at 48% gd/ex, up 1% from last week. The Brugler500 index was up 2 points at 333.
The next 7 days looks pretty dry across much of the Central Plains and further East, with just light totals (<1/4 inch) expected in parts of HRW and SRW country.
Dec 23 CBOT Wheat is at $5.51 3/4, up 8 1/4 cents,
Mar 24 CBOT Wheat is at $5.79 3/4, up 9 1/4 cents,
Cash SRW Wheat is at $4.71 3/8, up 8 1/4 cents,
Dec 23 KCBT Wheat is at $6.17 1/2, up 7 cents,
Cash HRW Wheat is at $5.49 1/8, up 7 cents,
Dec 23 MGEX Wheat is at $7.15 1/2, up 8 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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