Wheat Futures Surge Amid Improved Crop Ratings
Wheat futures are trading higher as of midday Tuesday, showing gains across all three exchanges. The uptick follows a decline in crop ratings, prompting some short sellers to cover their positions. Chicago SRW futures have risen by 16 to 18 cents. Kansas City HRW contracts gained 15 to 16 cents, while Minneapolis spring wheat futures increased by 11 to 12 cents.
Crop Progress Update
Weekly Crop Progress data reveals that 82% of the spring wheat crop is now planted, significantly ahead of the 65% average. All six major wheat-producing states reported progress above the average pace. Current emergence stands at 45%, compared with the typical 34%. However, Montana is trailing due to a delayed planting schedule.
Winter Wheat Conditions
Winter wheat is currently at 64% headed, which is 6 percentage points quicker than the average. Among the 18 reporting states, Idaho, Illinois, Michigan, Montana, North Carolina, Oklahoma, and South Dakota are showing slower progress. Overall, conditions have slipped 2%, with 52% rated good to excellent. The Brugler500 index decreased by 2 points to 336. Specific state ratings saw a decline of 13 points in Colorado and 14 points in Texas for HRW, while Michigan fell 3 points and North Carolina dropped 4 points. Meanwhile, South Dakota improved by 22 points, Kansas by 4 points, Nebraska by 7 points, and Oklahoma by 6 points.
Current Futures Prices
Jul 25 CBOT Wheat: $5.46 1/4, up 17 1/4 cents
Sep 25 CBOT Wheat: $5.59 3/4, up 16 3/4 cents
Jul 25 KCBT Wheat: $5.38, up 15 1/4 cents
Sep 25 KCBT Wheat: $5.51 1/2, up 15 cents
Jul 25 MGEX Wheat: $5.96 3/4, up 11 1/4 cents
Sep 25 MGEX Wheat: $6.10, up 11 1/4 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
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
