Wheat is starting with a slight bounce in Wednesday morning. The wheat complex posted Tuesday losses across all three exchanges at the close. Chicago SRW futures were 1 ¼ to 5 3/4 cents lower at the close. Open interest was up 2,626 contracts on Tuesday. KC HRW futures were 5 3/4 to 12 1/4 cents in the red on the day. Long liquidation was noted, with open interest down 2,513 contracts. MPLS spring wheat was down 7 to 15 cents on Tuesday.
NASS Crop Progress data tallied 87% of the US winter wheat crop as headed, 8% ahead of the average pace. Harvest was 5% complete, 2 percentage points faster than normal. Winter wheat conditions were steady at 26% good/excellent, with the Brugler500 index up 1 point to 269. Ratings in OH were down 10, with TX dropping 9 points. Conditions in OK were up 9 points.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
The spring wheat crop was 94% planted, with 72% emerged, both 5% above the normal pace. The first spring wheat rating of the year showed 47% of the crop in good/excellent condition, 3% below the same week last year. That was a 343 rating on the Brugler500 index, up 3 points from the same week last year.
EU soft wheat exports from July 1 to May 31 have totaled 21.47 MMT, a 1.2 MMT increase yr/yr in the same period.
Jul 26 CBOT Wheat closed at $6.03, down 5 3/4 cents, currently up 3 1/4 cents
Sep 26 CBOT Wheat closed at $6.16 1/4, down 5 cents, currently up 3 1/4 cents
Jul 26 KCBT Wheat closed at $6.34 3/4, down 12 1/4 cents, currently up 1 cent
Sep 26 KCBT Wheat closed at $6.46 1/4, down 12 1/4 cents, currently up 1/2 cent
Jul 26 MIAX Wheat closed at $6.37, down 15 cents, currently up 2 1/4 cents
Sep 26 MIAX Wheat closed at $6.62 1/2, down 14 cents, currently up 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.
More news from Barchart
- Soybean Prices Have Likely Hit a Floor. Wait for These Levels and Then Buy.
- Look Out Below! Grain and Cotton Prices Are on the Ropes Heading into Summer.
- Can Wheat Continue to Rally?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
