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Wheat Holding Higher on Tuesday

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The wheat complex is mixed, with the winter wheat holding up on Tuesday. Chicago contracts are up 1 to 4 Β½ cents on the day. Kansas City futures are fractionally to 2 cents higher. MPLS spring wheat futures are bringing up the rear, down 3 to 4 cents.

The USDA Crop Progress report from Monday afternoon showed 69% of the US winter wheat crop as headed, 12% ahead of the average pace as of Sunday. Winter wheat conditions were listed at 49% gd/ex, down 1% from last week and taking the Brugler500 index 1 point lower to 333. Conditions for the HRW crop saw KS up 8 points, with CO down 14, OK 4 points lower and TX down 3. IL was down a sharp 16 points. The Southern Plains is expected to remain dry for the next week. Spring wheat planting was at 79%, 14% above the 5-year average. Emergence was at 43%, 10% above the average pace.Β 

IKAR cut their Russian wheat crop estimate by another 2.5 MMT from their projection lats week to 83.5 MMT. Chinese customs data shows calendar year 2024 wheat imports of 6.24 MMT through the end of April. That is up 3.4% year/year.Β 

Jul 24 CBOT WheatΒ Β is at $6.93 1/4, up 4 1/2 cents,

Sep 24 CBOT WheatΒ Β is at $7.12 3/4, up 4 cents,

Jul 24 KCBT WheatΒ Β is at $6.97 1/2, up 3/4 cent,

Sep 24 KCBT WheatΒ Β is at $7.12, up 1 1/4 cents,

Jul 24 MGEX WheatΒ Β is at $7.36 1/2, down 2 3/4 cents,

Sep 24 MGEX WheatΒ Β is at $7.46 1/4, down 3 1/4 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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