Wheat Bulls Powering Through at Midday
The wheat complex is shrugging off early weakness for midday gains. Chicago SRW contracts are fractionally in the green. KC HRW futures are 5 to 6 cents higher. MPLS spring wheat is leading the charge, up 7 to 8 cents.
NASS Crop Progress data showed 74% of the US winter wheat crop harvested by Sunday, 3% ahead of normal. The spring wheat crop was 86% headed, 1% ahead of the 5-year average pace. Spring wheat conditions were 53% gd/ex, down 5%, with the Brugler500 index 6 points lower to 345. Ratings were weaker amid all major states with exception to WA (+16), as ID (-13), MT (-15), ND/SD (-9), and MN (-1) were all lower.
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Sovecon estimates the Russian wheat crop at 88.3 MMT, a 0.6 MMT drop from their previous number via a lower acreage total.
Sep 26 CBOT Wheat is at $6.74 1/2, up 1/2 cent,
Dec 26 CBOT Wheat is at $6.92 1/4, up 3/4 cent,
Sep 26 KCBT Wheat is at $7.28 3/4, up 5 cents,
Dec 26 KCBT Wheat is at $7.45, up 6 cents,
Sep 26 MIAX Wheat is at $7.00 1/2, up 8 1/4 cents,
Dec 26 MIAX Wheat is at $7.24 3/4, up 7 1/2 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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