Wheat Facing Pressure Early on Tuesday
Wheat is starting Tuesday Trade with losses across the three exchanges. The wheat complex posted mostly weaker trade on Monday, with a few Chicago contracts higher. Chicago SRW contracts closed deferred contracts 1 ¼ cents lower to 1 ¼ cents higher in the nearbys. Open interest was up 5,589 contracts. KC HRW futures posted losses of 3 to 5 ¾ cents at the Monday close. OI was down 2,781 contracts. MPLS spring wheat was down 2 ¾ to 4 ½ cents on the session.
On Monday, Ukraine’s President Zelensky stated there will be a diplomatic track with Russia in regard to the Black Sea attack.
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This week’s NASS Crop Progress report showed 62% of the US spring wheat crop harvested by Sunday, 10% ahead of the normal pace and a 21% jump on the week. Conditions were down 1% at 51% gd/ex, with the Brugler500 index back down 3 points to 341. That is the final rating for the crop.
Monday’s weekly Export Inspections report showed wheat shipments of 425,668 MT (15.64 mbu) in the week of 8/20. That was a 17.24% decrease from the week prior and 59.35% below the same week last year. The Philippines was the largest destination of 117,217 MT, with 78,033 MT shipped to South Korea and 72,335 MT to Japan. Shipments for the marketing year are now 4.337 MMT (159.3 mbu) of wheat, which is 26.07% below the same period last year.
Sep 26 CBOT Wheat closed at $6.81 3/4, up 1/4 cent, currently down 9 1/2 cents
Dec 26 CBOT Wheat closed at $6.99 1/2, up 1/4 cent, currently down 9 3/4 cents
Sep 26 KCBT Wheat closed at $7.50 1/2, down 5 3/4 cents, currently down 15 cents
Dec 26 KCBT Wheat closed at $7.67 1/4, down 5 1/4 cents, currently down 15 1/4 cents
Sep 26 MIAX Wheat closed at $6.94 3/4, down 4 1/2 cents, currently down 8 3/4 cents
Dec 26 MIAX Wheat closed at $7.21 1/4, down 3 1/4 cents, currently down 10 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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