Wheat Starting Wednesday with Gains
Wheat is starting off the midweek session with contracts 5 to 7 cents gains. The wheat complex posted mixed trade on Tuesday. Chicago SRW was up fractionally to 4 cents in the front months, with deferreds 1 ¼ to 6 ½ cents lower. Open interest was up 181 contracts on Tuesday. KC HRW futures posted 1 ¼ to 3 3/4 cent gains at the close. OI was up just 751 contracts. MPLS spring wheat slipped 2 ½ to 3 ¾.
This week’s NASS Crop Progress report showed 27% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 7 percentage points. Emergence was at 8%.
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NASS will release their quarterly Grain Stocks data on Wednesday, as a Reuters survey of analysts are looking for September 1 wheat stocks of 1.857 billion bushels. That would be a drop of 277 mbu from a year ago if realized. Production via the Small Grains Summary is expected to be trimmed by just 3 mbu to 1.528 bbu. HRW is seen steady at 463 mbu, with SRW up 1 at 288 mbu, and white wheat down 1 to 239. Spring wheat is expected to be down 2 mbu to 472 mbu.
A South Korean importer is tendering for 100,000 MT of wheat from the US, with a Wednesday deadline.
EU Wheat exports from July 1 to September 27 are tallied at 6.81 MMT according to EU Commission data, up 0.02 MMT from last year. They also estimate EU wheat stocks up 0.1 MMT to 11.4 MMT, as production was unchanged at 124.2 MMT.
SovEcon estimates the 2026/27 Russian wheat export projection at 36.7 MMT
Dec 26 CBOT Wheat closed at $6.92 3/4, up 4 cents, currently up 6 3/4 cents
Mar 27 CBOT Wheat closed at $7.07, up 3 1/2 cents, currently up 6 3/4 cents
Dec 26 KCBT Wheat closed at $7.43, down 2 3/4 cents, currently up 6 3/4 cents
Mar 27 KCBT Wheat closed at $7.55 3/4, down 2 cents, currently up 6 1/2 cents
Dec 26 MIAX Wheat closed at $6.99 1/4, down 2 1/2 cents, currently up 7 3/4 cents
Mar 27 MIAX Wheat closed at $7.20, down 2 3/4 cents, currently up 4 1/4 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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