All three wheat markets closed with gains on Tuesday. Chicago SRW saw gains of 6 to as much as 7 ¼ cents to close out the session. KC contracts were 6 to 7 ½ cents in the green on Turnaround Tuesday. MPLS spring wheat got a recovery on the Tuesday session, with contracts up 3 to 5 ¼ cents at the close.
NASS Crop Progress data released after the Monday close showed 73% of the US winter wheat crop harvested by Sunday, 1 point ahead of the average pace. Spring wheat development was 1% behind normal at 87% headed. Condition ratings for the northern crop were down 2% to 52% gd/ex, as the Brugler500 index was down 7 for the week to 338.
The Wheat Quality Council Tour starts today and will generate some social media reports on spring wheat prospects.
The Russian ag ministry estimates the country’s wheat crop at 88-90 MMT for this year, still above some private estimates and the USDA. The French wheat crop is estimated to total 33.4 MMT according to Argus, a near 30% increase from last year.
Sep 25 CBOT Wheat closed at $5.49 1/2, up 7 1/4 cents,
Dec 25 CBOT Wheat closed at $5.69 1/2, up 6 1/4 cents,
Sep 25 KCBT Wheat closed at $5.33 1/4, up 7 1/2 cents,
Dec 25 KCBT Wheat closed at $5.55, up 6 3/4 cents,
Sep 25 MGEX Wheat closed at $5.92 3/4, up 5 1/4 cents,
Dec 25 MGEX Wheat closed at $6.12 3/4, up 3 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. This article was originally published on Barchart.com
