Wheat futures are mixed on this Tuesday morning, with Chicago the strongest. The wheat market did pull itself off early double digit losses on Tuesday, but still managed to drop into Tuesday. Chicago SRW futures were down 6 to 7 cents on the day. Kansas City HRW contracts were 2 ½ to 4 cents lower at the close. MPLS spring wheat was steady to 7 cents weaker on Tuesday.
Weekly NASS Crop Progress data showed 82% of the US winter wheat crop harvested, vs. the 80% average for this date. The spring wheat crop was 94% headed by 7/28, with 1% harvested, both lagging their respective average by 2% points. Spring wheat conditions were down 2% to 74% gd/ex, with the Brugler500 index down 2 points to 381. Ratings in ND were down 2 points, with MT losing 5, as SD was improved by 6 points and MN unchanged.
Japan is tendering for 119,145 MT of wheat this week from the usual three suspects, the US, Canada and Australia, with the close on Thursday. Of that total, 57,575 MT is US specific. Official EU data shows soft wheat exports in the first 4 weeks of their marketing year at 1.85 MMT, which is down from 2.99 MMT in the same time last year. Tunisia purchased 125,000 MT of soft wheat and 50,000 MT of durum wheat imports on Tuesday.
Sep 24 CBOT Wheat closed at $5.24, down 7 cents, currently up 1 cent
Dec 24 CBOT Wheat closed at $5.49, down 6 1/4 cents, currently up 3/4 cent
Sep 24 KCBT Wheat closed at $5.50 1/4, down 3 1/4 cents, currently down 1 cent
Dec 24 KCBT Wheat closed at $5.66 1/4, down 3 cents, currently down 1 1/4 cents
Sep 24 MGEX Wheat closed at $5.84 1/2, down 7 cents, currently down 2 3/4 cents
Dec 24 MGEX Wheat closed at $6.03 1/4, down 6 1/4 cents, currently down 1 1/4 cents
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
