Wheat Rallying Double Digits on Tuesday
Wheat is rallying across all three exchanges on Tuesday. Chicago SRW futures are up 15 to 16 cents across the nearby contracts at midday. KC HRW contracts are up 16 to 17 cents so far on the day. MPLS spring wheat is trading with 11 to 13 cent gains.
Crop Progress data indicated that the winter wheat crop was 39% planted, with emergence at 14%, both 1% ahead of the average pace.
The annual Small Grains Summary showed all wheat production at 1.971 bbu, which was down 11 from the August Crop Production report, and 5 mbu above estimates. Quarterly Grain Stocks data showed 1.985 bbu of wheat in stocks as of September 1, 218 mbu above the same time last year, but down 7 mbu vs. the trade estimates.
EU exports were tallied at 6.14 MMT by the European commission from July 1 to September 29, which is a drop of 2.14 MMT from the same period last year. A Ukrainian farmers association reported 3 MMT in grain shipments from the country in September, a 16% drop from last year, with 2.34 MMT of that wheat.
Dec 24 CBOT Wheat is at $5.99 1/2, up 15 1/2 cents,
Mar 25 CBOT Wheat is at $6.19 1/4, up 15 cents,
Dec 24 KCBT Wheat is at $6.00 1/2, up 16 3/4 cents,
Mar 25 KCBT Wheat is at $6.15 1/4, up 17 cents,
Dec 24 MGEX Wheat is at $6.34 1/4, up 12 1/2 cents,
Mar 25 MGEX Wheat is at $6.55, up 11 3/4 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.