Wheat Market Recap: Minor Gains Amid Seasonal Reports
Wheat prices showed some resilience on Tuesday with Chicago SRW futures rising by up to 3 ¾ cents across most contracts, while deferred contracts dropped by ½ cent. In contrast, KC HRW contracts decreased between 1 ¾ and 4 cents. MPLS spring wheat experienced a decline of 3 ½ cents in December futures, although other contracts managed modest gains of 1 ¾ to 5 cents.
US Winter Wheat Crop Summary
As of November 24, the US winter wheat crop reached 97% planting completion according to the final NASS Crop Progress report for the season. Emergence stood at 89%, with crop conditions improving to 55% rated as good to excellent, a 6% increase from the previous week. The Brugler500 index also saw an increase of 10 points, now at 348, marking a 35-point improvement since the initial rating five weeks earlier. While the national reporting is concluded, regional state reports will continue to be released through the winter months.
International Wheat Purchases
On Tuesday, a South Korean importer bought 50,000 MT of US wheat in a tender. Meanwhile, the European Union has exported 9.15 MMT of soft wheat from July through November 24, according to recent European Commission data—significantly lower than last year’s exports of 13.08 MMT for the same period. Additionally, Algeria placed a tender for an unspecified amount of wheat on the same day.
Wheat Futures Closure Overview
Dec 24 CBOT Wheat closed at $5.39 1/2, up 3 3/4 cents.
Mar 25 CBOT Wheat closed at $5.58, up 2 1/4 cents.
Dec 24 KCBT Wheat closed at $5.50 1/2, up 4 cents.
Mar 25 KCBT Wheat closed at $5.58 3/4, up 1 3/4 cents.
Dec 24 MGEX Wheat closed at $5.77 1/2, down 3 1/2 cents.
Mar 25 MGEX Wheat closed at $6.01 1/2, up 5 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
