Midday wheats are bouncing after hitting new lows. CBT SRW is working 5 to 8 ½ cents higher. Midday HRW wheat futures are up by 16 to 17 ¾ cents, and are 27 cents off their lows from earlier in the day. MGE futures are currently 10 to 11 cents stronger.
Crop Progress data from Monday afternoon showed 91% of the US winter wheat crop now emerged, with the 5-year average pace at 89%. Condition ratings improved 2% to 50% gd/ex, with the Brugler500 ratings up 5 to 338. This will be the last national report for the year, though some states will still publish weekly/monthly updates throughout the winter months.
Inspections of all wheat exports during the week that ended on November 23 totaled 276,585 MT, which was a drop of 24.53% from last week and just 2.78% below the same week last year. Year to date shipments are now at 8.124 MMT, which lags the same time period last year by 23.18%. Soft wheat led the classes, with 48.5% of the total. HRS totaled 30.5% of the shipments, with both SRW and HRW combining for less than 18% of the total.
Dec 23 CBOT Wheat is at $5.40 1/2, up 6 1/4 cents,
Mar 24 CBOT Wheat is at $5.69 1/2, up 8 1/2 cents,
Cash SRW Wheat is at $4.75 5/8, up 11 5/8 cents,
Dec 23 KCBT Wheat is at $6.08 1/4, up 18 1/4 cents,
Cash HRW Wheat is at $5.47 3/8, up 5 1/4 cents,
Dec 23 MGEX Wheat is at $6.93, up 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.
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