Wheat Rallying Early on Wednesday
Wheat is showing double digit strength on Wednesday morning with gains of 9 ¼ to 13 ½ cents. The wheat complex is showing mostly higher trade on Tuesday, pushing off early losses. Chicago SRW contracts were 3 ¾ to 8 ¾ cents higher across the board. Open interest was down 3,675 contracts on Tuesday. KC HRW futures were 3 ½ to 7 ¾ cents in the green at the close. OI was down just 55 contracts on Tuesday, suggesting a rotation of ownership. MPLS spring wheat was mixed with contracts down 1 ¼ to ¼ cent higher.
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. Ratings in ND were down 10 points, with the rest of the 5 states either higher or unchanged (MN & SD).
Sep 26 CBOT Wheat closed at $6.85 1/2, up 3 3/4 cents, currently up 13 1/2 cents
Dec 26 CBOT Wheat closed at $7.03 1/4, up 3 3/4 cents, currently up 13 1/2 cents
Sep 26 KCBT Wheat closed at $7.54 1/2, up 4 cents, currently up 13 1/4 cents
Dec 26 KCBT Wheat closed at $7.70 3/4, up 3 1/2 cents, currently up 13 1/2 cents
Sep 26 MIAX Wheat closed at $6.94, up 1/4 cent, currently up 9 3/4 cents
Dec 26 MIAX Wheat closed at $7.20, down 1 1/4 cents, currently up 9 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.
