Wheat Bulls Taking Back Monday’s Losses to Start Tuesday

Wheat is posting a Turnaround Tuesday bounce early in the session, with the three exchanges pushing higher. Futures showed up to this week’s Thanksgiving prelude with weakness across the three markets. Chicago SRW futures were down 7 ½ to 10 ¼ cents across the board. KC HRW contracts were 7 ¾ to 10 ¾ cents lower on the session. MPLS spring wheat was down 5 to 5 1/2 cents on the session. Futures have given back much of last week’s escalating Black Sea conflict premium. 

The US winter wheat crop was tallied at 97% planted as of 11/24 according to the final NASS Crop Progress report of the season, with emergence at 89%. Conditions were reported at 55% good to excellent, up 6% from last week. The Brugler500 index was up 10 points to 348, and a 35 points improvement since the initial rating 5 weeks ago. While the national reports are done, some individual state reports will be released throughout the winter.

USDA’s Export Inspections report showed a total 360,513 MT (13.25 mbu) of wheat shipped in the week that ended on 11/21. That was a jump of 83.24% from last week and 24.98% above the same week last year. Japan was the largest destination of 138,621 MT, with the Philippines in for 57,523 MT. Marketing year shipments have totaled 10.69 MMT (392.65 mbu), which is an increase of 31.15% over last year. 

A South Korean importer purchased 50,000 MT of US wheat in a tender on Tuesday

Dec 24 CBOT Wheat  closed at $5.35 3/4, down 8 1/2 cents, currently up 6 1/2 cents

Mar 25 CBOT Wheat  closed at $5.55 3/4, down 9 cents, currently up 7 1/2 cents

Dec 24 KCBT Wheat  closed at $5.46 1/2, down 7 3/4 cents, currently up 9 1/2 cents

Mar 25 KCBT Wheat  closed at $5.57, down 8 1/2 cents, currently up 8 3/4 cents 

Dec 24 MGEX Wheat  closed at $5.81, down 5 cents, currently up 5 1/4 cents

Mar 25 MGEX Wheat  closed at $5.96 1/2, down 5 cents, currently up 8 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.