Wheat Posts Weakness on Tuesday
The wheat complex was weaker across the three market on Tuesday. Chicago SRW futures posted 2 to 3 cent losses on the day. Kansas City HRW contracts slipped 4 to 6 cents into the close. MPLS spring wheat was 3 to 5cents in the red on the session.
Monday’s Crop Progress report showed a total of 17% of the spring wheat crop planted, ahead of the 12% 5-year average pace. Just MN and WA were reported below average. Emergence was tallied at 2%, matching normal.The US winter wheat crop was listed at 15% headed as of April 20, 2 percentage points ahead of normal. Winter wheat ratings were down 2% to 45% good/excellent, as the Brugler500 index was down 4 points to 325. By state, IL was down 21 points, with CO falling 13, SD dropping 11, KS down 9 and OK 7 points lower. Improvement was seen in TX (+14), with MO and MT up 12.
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EU Commission data showed a total of 16.76 MMT of soft wheat imports from July 1 to April 20, well above the 14.9 MMT from last year.
May 25 CBOT Wheat closed at $5.35 1/2, down 3 cents,
Jul 25 CBOT Wheat closed at $5.50 1/4, down 2 cents,
May 25 KCBT Wheat closed at $5.46, down 4 3/4 cents,
Jul 25 KCBT Wheat closed at $5.58 1/4, down 5 1/2 cents,
May 25 MGEX Wheat closed at $5.95 1/2, down 4 1/2 cents,
Jul 25 MGEX Wheat closed at $6.10 1/4, down 3 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.
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