Wheat Gains Holding on Election Day

The wheat market is trading with gains across the three exchanges on Tuesday. Chicago SRW futures are up 3 to 4 cents on the session. KC HRW contracts are 4 to 6 cents higher across the front months. MPLS spring wheat is up 4 to 6 cents on the day.

Census export data showed all wheat shipments at 2.453 MMT (90.14 mbu) during September. That was slightly above the export total in August and 33.3% above last year.  

The weekly Crop Progress report from NASS showed the US winter wheat crop at 87% planted, down from the 89% average pace. Emergence was at 66% complete, 5% back of the average. Condition ratings were up 4% in the gd/ex categories at 41%, as the Brugler500 index was up 3 points to 316.

Egypt’s GASC purchased a total of 290,000 MT of wheat in their tender, with 120,000 MT Romanian, 120,000 Ukrainian, and 50,000 MT Bulgarian. Japan is tendering for 121,790 MT of wheat from Australia, Canada, and the US, with 71,712 MT US specific. South Korea also issued a tender for 100,000 MT of wheat split 50,000 MT each from the US and Australia

Dec 24 CBOT Wheat  is at $5.72 1/2, up 3 3/4 cents,

Mar 25 CBOT Wheat  is at $5.90 1/2, up 3 cents,

Dec 24 KCBT Wheat  is at $5.76 1/4, up 5 1/4 cents,

Mar 25 KCBT Wheat  is at $5.88 1/4, up 4 1/2 cents,

Dec 24 MGEX Wheat  is at $6.10 3/4, up 5 3/4 cents,

Mar 25 MGEX Wheat  is at $6.31 3/4, up 4 1/2 cents,