Tuesday Follow Through for Wheat Gains

Wheat futures are trading with morning strength to follow the Monday’s gains. Thus far the KC market is the strongest with double digit gains of as much as 15 1/2 cents. Nearby wheat futures added another double digits to the bounce on Monday. Chicago closed up by 17 1/4 to 18 3/4 cents. Preliminary OI showed short covering, dropping 1,695 contracts on the higher futures. KC HRW futures ended the session 18 to 20 1/2 cents stronger. MPLS spring wheat prices closed with 12 1/2 to 13 3/4 cent gains on the day. 

NASS Crop Progress data had the winter wheat harvest as 95% complete as of 8/21, with just ID, MI, MT, OR, SD, and WA to go. Spring wheat harvest advanced from 16% complete to 33% finished through the week. The average pace would have 97% of winter wheat out and 54% of the spring wheat crop cut. Spring wheat conditions for the remainder were steady at 64% good/ex wk/wk, but the Brugler500 conversion was down 1 point to 363. USDA also reported the oats harvest at 70% complete as of 8/21 – compared to 79% on average. 

USDA’s weekly Export Inspections report showed 594,273 MT of wheat was shipped during the week that ended 8/18. That was up 204k MT wk/wk, but under the 729k MT shipped during the same week last year. Japan was the top destination. Accumulated wheat exports reached 4.494 MMT as of 8/18, compared to 5.768 MMT last season. 

Sep 22 CBOT Wheat  closed at $7.70 1/2, up 17 1/4 cents, currently up 11 cents

Dec 22 CBOT Wheat  closed at $7.88 1/4, up 17 1/4 cents, currently up 9 1/4 cents

Cash SRW Wheat  was $7.12 on Monday, up 17 3/8 cents,

Sep 22 KCBT Wheat  closed at $8.65 1/4, up 20 1/2 cents, currently up 14 1/4 cents

Cash HRW Wheat  was $8.19 ½ on Monday, up 21 cents,

Sep 22 MGEX Wheat  closed at $8.88 1/2, up 13 3/4 cents, currently up 6 3/4 cents