Wheat Sneaks Out Gains on Tuesday
The wheat complex shrugged off overnight weakness, as all three markets closed the session higher. Chicago SRW futures were up 3 to 4 cents on the day. KC HRW contracts were 3 1/4 to 4 3/4 cents higher on the session. MPLS spring wheat was up 2 to 3 3/4 cents so far on the day.
The Monday afternoon Crop Progress report indicated 73% of the US winter wheat crop planted as of 10/20, 3 percentage points behind normal. Emergence was pegged at 46% vs. the 52% average pace.
A couple of Russian firms released initial estimates of the 2025 crop, with IKAR showing an expected range of 80 to 85 MMT and SovEcon coming in at 80.1 MMT. The European Commission showed soft wheat exports from the EU at 7.02 MMT in the period starting on July 1 through October 20, which is down from the 10.22 MMT last year.
Dec 24 CBOT Wheat closed at $5.76, up 3 3/4 cents,
Mar 25 CBOT Wheat closed at $5.96 1/4, up 4 cents,
Dec 24 KCBT Wheat closed at $5.86 1/2, up 4 1/4 cents,
Mar 25 KCBT Wheat closed at $6.00 3/4, up 3 3/4 cents,
Dec 24 MGEX Wheat closed at $6.16 1/2, up 2 1/2 cents,
Mar 25 MGEX Wheat closed at $6.38, up 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.
