Mixed Wheat Market Performance Amidst Changing Conditions
The wheat market experienced varied results on Monday, with the soft wheat sector showing the weakest performance among the exchanges. Chicago SRW futures fell by 1/4 to 2 1/4 cents during the session, while December futures were the sole exception, rising by ¾ cent. Conversely, KC HRW contracts saw a minor increase of 4 ¼ cents across the board. Meanwhile, MPLS spring wheat gained between 3 ½ to 6 cents overall.
Current Crop Progress Report Highlights
The latest Crop Progress report from NASS indicated that 87% of the U.S. winter wheat crop has been planted, a step back from the average pace of 89%. Emergence stands at 66% completed, which is 5% below the average. However, the condition ratings improved, showing a 4% increase in the good to excellent categories, reaching 41%. The Brugler500 index increased by 3 points to 316.
Recent Export Inspections and Comparison to Last Year
Export Inspections data revealed that only 193,523 MT (7.1 million bushels) of wheat was shipped in the week ending October 31. This marks a significant decrease of 34.33% from the previous week but is up by 69.28% compared to the same week last year. For the marketing year, total shipments reached 9.75 MMT (358.29 million bushels), an increase of 34.74 MMT over the same timeframe last year.
Weather Impacts and Global Tender Activities
Heavy precipitation occurred over the weekend in regions of the Southern Plains, stretching from the Texas panhandle through eastern Kansas, Missouri, and parts of Iowa and Wisconsin.
In international trading news, Egypt’s GASC announced a tender for wheat over the weekend, with no offers from the U.S. anticipated, and results are expected soon.
Wheat Futures Closing Prices
Dec 24 CBOT Wheat closed at $5.68 3/4, gaining 3/4 cent.
Mar 25 CBOT Wheat ended at $5.87 1/2, decreasing by 1/4 cent.
Dec 24 KCBT Wheat concluded at $5.71, up 4 1/4 cents.
Mar 25 KCBT Wheat closed at $5.83 3/4, rising by 3 1/2 cents.
Dec 24 MGEX Wheat finished at $6.05, up 5 1/4 cents.
Mar 25 MGEX Wheat settled at $6.27 1/4, gaining 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
here.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
