The wheat market displayed mixed trends on Tuesday, with Chicago SRW futures rising by 3 to 4 cents, while KC HRW futures gained 2 to 4 cents. In contrast, MPLS spring wheat saw a decline of 3 to 4 cents. As of Sunday, the NASS Crop Progress report indicated that only 27% of the winter wheat crop was planted, falling 7 percentage points behind the five-year planting average, with emergence recorded at 8%.
A quarterly report from NASS, set to be released on Wednesday, is anticipated to show wheat stocks at 1.857 billion bushels as of September 1, reflecting a decrease of 277 million bushels from the previous year. Additionally, a South Korean importer is seeking 100,000 metric tons of wheat from the U.S., with a tender deadline on Wednesday. Meanwhile, EU wheat exports from July 1 to September 27 reached 6.81 million metric tons, a slight increase from last year’s figures, with estimated EU wheat stocks at 11.4 million metric tons.
Current wheat prices are as follows: Dec 26 CBOT Wheat at $6.92 1/2 (up 3 3/4 cents), Mar 27 CBOT Wheat at $7.06 1/2 (up 3 cents), Dec 26 KCBT Wheat at $7.42 (down 3 3/4 cents), and Mar 27 KCBT Wheat at $7.55 (down 2 3/4 cents).
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