Wheat Popping Higher on Tuesday AM
Tue Nov 05
Wheat futures are trading higher across the three markets on Tuesday morning. The wheat complex posted mixed trade on Monday, with the soft wheat market the softest of the three exchanges. Chicago SRW futures were down 1/4 to 2 1/4 cents on the session, with Dec the lone exception, up ¾ cent. KC HRW contracts were up fractionally 4 ¼ cents across the board. MPLS spring wheat was up 3 ½ to 6 cents on the session.
The weekly Crop Progress report from NASS showed the US winter wheat crop at 87% planted, down from the 89% average pace. Emergence was at 66% complete, 5% back of the average. Condition ratings were up 4% in the gd/ex categories at 41%, as the Brugler500 index was up 3 points to 316.
Export Inspections data showed just 193,523 MT (7.1 mbu) of wheat shipped in the week of 10/31. That was down 34.33% from last week, but up 69.28% above the same week last year. Marketing year shipments have totaled 9.75 MMT (358.29 mbu), which is up 34.74 MMT from the same time period last year.
Egypt’s GASC purchased a total of 290,000 MT of wheat in their tender, with 120,000 MT Romanian, 120,000 Ukrainian, and 50,000 MT Bulgarian. Japan is tendering for 121,790 MT of wheat from Australia, Canada, and the US, with 71,712 MT US specific.
Dec 24 CBOT Wheat closed at $5.68 3/4, up 3/4 cent, currently up 4 3/4 cents
Mar 25 CBOT Wheat closed at $5.87 1/2, down 1/4 cent, currently up 4 cents
Dec 24 KCBT Wheat closed at $5.71, up 4 1/4 cents, currently up 7 1/2 cents
Mar 25 KCBT Wheat closed at $5.83 3/4, up 3 1/2 cents, currently up 6 cents
Dec 24 MGEX Wheat closed at $6.05, up 5 1/4 cents, currently up 6 cents
Mar 25 MGEX Wheat closed at $6.27 1/4, up 4 cents, currently up 5 cents