Wheat Market Stalls as Early Gains Fade

Steady Conditions and Mixed Futures Mark Midday Trading

Wheat futures saw a decline after an early boost on Turnaround Tuesday. By midday, Chicago SRW futures dropped 1 to 2 cents. Similar trends were noted in KC HRW contracts, which remained steady to down by 3 cents. Meanwhile, MPLS spring wheat trends showed a decrease of 4 cents but experienced some gains in other contracts.

As of November 24, the US winter wheat crop planting reached 97%, according to the final NASS Crop Progress report of the season, with 89% emergence. Conditions rated good to excellent increased by 6% from the previous week, now at 55%. The Brugler500 index also rose by 10 points to 348, marking a 35-point improvement compared to the initial rating five weeks ago. Although national reports have concluded, individual state reports will continue to emerge throughout winter.

In international news, a South Korean importer acquired 50,000 MT of US wheat during a tender on Tuesday. In Europe, the European Commission reported that 9.15 MMT of soft wheat had been exported from July 1 to November 24, significantly lower than the 13.08 MMT during the same period last year.

Dec 24 CBOT Wheat is at $5.34 3/4, down 1 cent,

Mar 25 CBOT Wheat is at $5.54, down 1 3/4 cents,

Dec 24 KCBT Wheat is at $5.46 1/2, unchanged,

Mar 25 KCBT Wheat is at $5.54 1/4, down 2 3/4 cents,

Dec 24 MGEX Wheat is at $5.77, down 4 cents,

Mar 25 MGEX Wheat is at $5.97, up 1/2 cent.

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 is 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.