Wheat is pushing higher so far on Wednesday, with contracts 3 to 6 cents in the green. The wheat market saw higher trade across all three markets to close out Tuesday. Chicago SRW futures were 12 to 14 cents higher on Tuesday. Preliminary open interest was some net new buying, up 2,783 contracts. Kansas City HRW contracts posted 11 to 12 cent gains on the session. Tuesday’s preliminary OI showed some short covering up 4,995 contracts. Minneapolis spring wheat futures were 8 to 9 cents in the green at the close.
The markets will be closed on Thursday in observance of Juneteenth, with the government closed as well and reports pushed back a day.
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The weekly crop progress update from USDA showed the winter wheat harvest at 10% complete as of Sunday, behind the 16% average. Condition ratings were at 52% good/excellent, down 2% from last week. That equates to a 7 point drop on the Brugler500 index, to 334 points. Much of the drop came from NE (-24), MT (-18), NC (-20), ID (-15), TX (-12), and KS (-5). Just MI, OH, and OK were reported as improving. The spring wheat crop ratings were up 4 percent to 57% good to excellent. That was a 5 point improvement on the Brugler500 index to 353. Ratings in ND were up 12 points, with SD up 7. The rest of the reported states were lower, with ID down 13 and MN 12 lower.
The French soft wheat ending stocks estimate from FranceAgriMer was trimmed by 0.14 MMT from last month to 2.48 MMT. EU wheat exports have totaled 19.76 MMT for the 2024/25 MY starting on July 1, which lags the 29.81 MMT from last year. Algeria has purchased a reported 550,000-570,000 MT in a tender on Tuesday.
Jul 25 CBOT Wheat closed at $5.49, up 12 1/2 cents, currently up 3 1/2 cents
Sep 25 CBOT Wheat closed at $5.65 1/2, up 13 1/4 cents, currently up 3 1/4 cents
Jul 25 KCBT Wheat closed at $5.47 3/4, up 11 3/4 cents, currently up 4 cents
Sep 25 KCBT Wheat closed at $5.62 1/2, up 11 3/4 cents, currently up 3 3/4 cents
Jul 25 MGEX Wheat closed at $6.30 3/4, up 8 cents, currently up 5 cents
Sep 25 MGEX Wheat closed at $6.44 1/4, up 8 1/4 cents, currently up 4 1/2 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.
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