Wheat Pulling Back on Tuesday
Wheat is posting losses at midday, with contracts down across the three markets. Chicago SRW futures are down 2 to 3 cents. Kansas City HRW contracts are trading with 2 to 3 cent losses at midday. Minneapolis spring wheat futures are pulling back on the rating improvements, down 7 to 8 cents.
USDA’s weekly Crop Progress report showed winter wheat now 83% headed, 4 points ahead of normal, with harvest matching the average pace at 3% complete. Condition ratings were back up 2% to 52%, with the Brugler500 index up 4 to 336. Ratings in IL were down 14, with IN down 7. Improvement was noted in KS (+4), NE (+12), OK (+10), and TX (+10).
The spring wheat crop is now 95% planted, with the average pace at 90%. Emergence was 73%, 4 percentage pints head of the 5-year average. Ratings jumped 5%, all out of the poor/very poor categories, to 50% good/excellent, with the Brugler500 up 14 to 340. Ratings in ND was up 32 points, with MN and WA up 3.
Ukraine’s Ag minister estimates the country’s wheat crop near 20 to 22 MMT, which is below the 23 MMT from the USDA’s initial target.
Jul 25 CBOT Wheat is at $5.36 3/4, down 2 1/4 cents,
Sep 25 CBOT Wheat is at $5.51 1/4, down 2 cents,
Jul 25 KCBT Wheat is at $5.37 1/4, down 2 1/2 cents,
Sep 25 KCBT Wheat is at $5.51, down 2 1/2 cents,
Jul 25 MGEX Wheat is at $6.19 1/2, down 7 3/4 cents,
Sep 25 MGEX Wheat is at $6.33 1/4, down 7 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.
