Wheat Bouncing to Start Midweek Trade
The wheat complex is posting double digit gains as we start the midweek session. They fell into Turnaround Tuesday across the three exchanges. Chicago contracts were down 1 ½ to 14 ½ cents led by the front months. Kansas City futures closed out with losses of 7 ¼ to 16 ¾ cents as may expired. MPLS spring wheat futures were fractionally to 5 cents in the red.
Monday afternoon’s NASS Crop Progress report tallied condition ratings down 4 Brugler500 Index points in KS, 3 points in OK, and 11 points in TX. Many of the SRW states saw some improvement, as in up 11 points in IL, 3 in IN, and OH unch.
The first day of the HRW Wheat Quality Tour showed an average yield of 49.9 bpa. That is well above the 29.8 from last year and higher than the prior 3-year average of 42.8 bpa.
Japan is looking for 121,516 MT of wheat from the US, Canada, and Australia in their weekly ministry of ag tender, with 23,900 MT US origin. Russia’s SovEcon cut their wheat production estimate by another 3.9 MMT to 85.7 MMT.
Jul 24 CBOT Wheat closed at $6.72 1/2, down 14 1/2 cents, currently up 13 1/4 cents
Sep 24 CBOT Wheat closed at $6.93 1/4, down 13 1/4 cents, currently up 12 1/4 cents
Jul 24 KCBT Wheat closed at $6.83 1/4, down 16 3/4 cents, currently up 12 cents
Sep 24 KCBT Wheat closed at $6.97, down 16 cents, currently up 13 cents
Jul 24 MGEX Wheat closed at $7.33 1/4, down 5 cents, currently up 11 cents
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.
