Wheat Bulls Extending Higher on Tuesday
The wheat complex is starting off September with gains. Chicago SRW contracts are up 9 to 10 cents on the day. There were another 9 deliveries overnight against Sep CBT wheat. KC HRW futures are 7 to 16 ½ cents higher so at midday. There were 60 delivery notices for September KC wheat overnight. MPLS spring wheat is 13 to 16 cents in the green so far on the day.
Over the weekend, Turkey was reportedly pushing for a Black Sea shipping corridor to help restore the flow of grains, which have been limited. The Russian foreign ministry has rejected and attack moratorium.
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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.
Sep 26 CBOT Wheat is at $7.65 3/4, up 9 1/4 cents,
Dec 26 CBOT Wheat is at $7.84, up 10 cents,
Sep 26 KCBT Wheat is at $8.36 3/4, up 16 1/2 cents,
Dec 26 KCBT Wheat is at $8.45 3/4, up 7 3/4 cents,
Sep 26 MIAX Wheat is at $7.55, up 15 3/4 cents,
Dec 26 MIAX Wheat is at $7.76, up 13 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.
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