Wheat Sees Strength in the Hard Red Contracts
The wheat complex posted mixed trade, with the hard red contracts posting a Turnaround Tuesday. MPLS spring wheat was leading the charge at midday but pulled off the highs to close up just 1 to 4 ½ cents. Kansas City contracts were up ½ to 3 ½ cents across the front months and down fractionally to 1 ¾ cents in the deferreds. Chicago futures posted weakness, with losses of 2 to 4 ½ cents.
Egypt’s GASC purchased 120,000 MT of Ukrainian wheat in their tender on Tuesday. Japan is seeking 94,612 MT of wheat from the US and Canada, with 34,272 MT US specific. Ukraine’s ag ministry estimates the country’s 2024 wheat crop at 19 MMT, a 3.5 MMT decline from the year prior.
NASS Crop Progress data showed the winter wheat conditions showed HRW country deteriorating, with KS down 15 points to 326, and OK down 9 points, as TX improved 7.
May 24 CBOT Wheat closed at $5.49 3/4, down 2 cents,
Jul 24 CBOT Wheat closed at $5.64 3/4, down 2 3/4 cents,
May 24 KCBT Wheat closed at $5.87 1/2, up 3 1/2 cents,
Jul 24 KCBT Wheat closed at $5.83, up 2 1/4 cents,
Jul 24 MGEX Wheat closed at $6.45, up 1 cent,
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.
