Wheat Trying to Hold Higher on Wednesday

The wheat complex is showing mixed trade so far on Wednesday. Chicago SRW contracts are trading with 2 to 3 cent gains so far on the session. KC HRW futures are showing steady to 1 ½ cent gains at midday. MPLS spring wheat is down 4 to 6 cents so far on Wednesday.

Weekly NASS Crop Progress data showed 51% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 7 percentage points. Planting pace was behind normal mainly in KS (-12% behind), MI (-15%), and OH (-26%). Emergence was at 27%.

Algeria purchased an estimated 660,000-720,000 MT of wheat in their tender on Tuesday. The French wheat exports outside the EU are estimated at 6.5 MMT according to FranceAgriMer, up 0.2 MMT from their previous number, with ending stocks for French wheat at 2.7 MMT, down 0.3 MMT from their prior estimate.

Dec 26 CBOT Wheat  is at $6.72, up 2 3/4 cents,

Mar 27 CBOT Wheat  is at $6.85 1/4, up 2 cents,

Dec 26 KCBT Wheat  is at $7.13 3/4, up 1 1/2 cents,

Mar 27 KCBT Wheat  is at $7.25 3/4, up 3/4 cent,

Dec 26 MIAX Wheat  is at $6.88 3/4, down 5 1/4 cents,

Mar 27 MIAX Wheat  is at $7.07 1/4, down 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.