Wheat Starting Wednesday with Double Digit Gains

Wheat is back to finding more strength, as contracts are up anywhere from 11 to 19 cents 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. Open interest rose 3,749 contracts on Tuesday, hinting at modest new buying. KC HRW futures were up 9 to 10 ½ cents in the front months. OI showed new buying interest, up 11,090 contracts. 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. The annual spring wheat tour showed a day 1 yield for southern portions of ND at 46 bpa, 4 bpa below last year and slightly above the 45.8 bpa average over the last 5 year. 

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, , currently up 18 3/4 cents

Dec 26 CBOT Wheat  closed at $6.96, up 4 1/2 cents, currently up 17 3/4 cents

Sep 26 KCBT Wheat  closed at $7.33, up 9 1/4 cents, currently up 17 cents

Dec 26 KCBT Wheat  closed at $7.49 1/2, up 10 1/2 cents, currently up 16 1/2 cents

Sep 26 MIAX Wheat  closed at $7.04 1/4, up 12 cents, currently up 10 cents

Dec 26 MIAX Wheat  closed at $7.28 1/4, up 11 cents, currently up 11 cents