Wheat Bulls Extend Rally to Tuesday
The wheat complex started off September with an extension of the rally. Chicago SRW contracts were up 4 ¼ to 9 3/4 cents on the day. There were another 9 deliveries overnight against Sep CBT wheat. KC HRW futures were 1 ½ to 7 ¼ cents higher at the close. There were 60 delivery notices for September KC wheat overnight. MPLS spring wheat 7 ¾ to 16 1/4 cents in the green at the final bell.
Early on Tuesday, Russia attacked Ukrainian export infrastructure in Odesa.
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The weekly NASS Crop Progress report showed 77% of the US spring wheat crop harvested by Sunday, 9% ahead of the normal pace.
EU soft wheat exports have totaled 4.16 MMT as of August 30 since July 1, which is now down just 0.16 MMT from last year.
Sep 26 CBOT Wheat closed at $7.64, up 7 1/2 cents,
Dec 26 CBOT Wheat closed at $7.82 1/2, up 8 1/2 cents,
Sep 26 KCBT Wheat closed at $8.25 3/4, up 5 1/2 cents,
Dec 26 KCBT Wheat closed at $8.45 1/4, up 7 1/4 cents,
Sep 26 MIAX Wheat closed at $7.56 1/2, up 16 1/4 cents,
Dec 26 MIAX Wheat closed at $7.77 3/4, up 13 3/4 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
