The wheat complex shrugged off early weakness on Tuesday, with contracts higher across the three markets. Chicago SRW contracts were 4 to 5 cents in the green. KC HRW futures were up 9 to 10 ½ cents in the front months. MPLS spring wheat was the leader, with contracts 11 to 12 cents higher.
Spring wheat led the charge higher, as Minnesota/the Dakotas through the PWN are seen with little to no precip in the next week according to the NOAA 7-day QPF.
NASS Crop Progress data showed 74% of the US winter wheat crop harvested by Sunday, 3% ahead of normal. The spring wheat crop was 86% headed, 1% ahead of the 5-year average pace. Spring wheat conditions were 53% gd/ex, down 5%, with the Brugler500 index 6 points lower to 345. Ratings were weaker amid all major states with exception to WA (+16), as ID (-13), MT (-15), ND/SD (-9), and MN (-1) were all lower.
Sovecon estimates the Russian wheat crop at 88.3 MMT, a 0.6 MMT drop from their previous number via a lower acreage total.
Sep 26 CBOT Wheat closed at $6.78, up 4 cents,
Dec 26 CBOT Wheat closed at $6.96, up 4 1/2 cents,
Sep 26 KCBT Wheat closed at $7.33, up 9 1/4 cents,
Dec 26 KCBT Wheat closed at $7.49 1/2, up 10 1/2 cents,
Sep 26 MIAX Wheat closed at $7.04 1/4, up 12 cents,
Dec 26 MIAX Wheat closed at $7.28 1/4, up 11 cents,
On the date of publication, Austin Schroeder 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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