Wheat Mixed on Tuesday AM Trade

The wheat market is trading with contracts mixed across the three exchanges to kick off Tuesday Trade. Wheat put on double digit gains across the three market on Monday. Chicago SRW futures were up 8 to 11 ¾ cents on the day. KC HRW contracts posted gains of 13 1/4 to 14 1/2 cents. MPLS spring wheat futures rallied 6 to 14 ½ cents on the Monday session. 

After the close, individual state Crop Progress reports were released, showing KS winter wheat ratings at 47% gd/ex, with the Brugler500 index at 333. That is below the previous rating in the middle of December at 56% (351) but above the 43% (318) from the same time last year. Ratings in OK also slipped, down 3% from the end of November at 45%, with the Brulgee500 index at 327. 

CFTC data showed speculators in CBT wheat trimming 8,247 contracts from their net short position as of 12/31 to 86,762 contracts. In KC wheat, they cut 1,075 contracts to a net short 33,861 contracts.

All wheat shipments totaled 412,342 MT (15.15 mbu) during the week of Jan 2 according to Export Inspections data. That was 21.6% above last week but down 17.85% from the same week last year. Of that, 147,060 MT was shipped to Mexico. Marketing year shipments have totaled 12.718 MMT (467.29 mbu), which is still 25.1% from the same time last year. 

Mar 25 CBOT Wheat  closed at $5.40 1/2, up 11 1/4 cents, currently down 1 1/2 cents

May 25 CBOT Wheat  closed at $5.52 1/2, up 11 1/2 cents, currently down 1 cents

Mar 25 KCBT Wheat  closed at $5.53 1/4, up 14 1/4 cents, currently up 1 1/2 cents

May 25 KCBT Wheat  closed at $5.61 3/4, up 14 1/2 cents, currently up 1 1/4 cents

Mar 25 MGEX Wheat  closed at $5.92 1/4, up 14 1/2 cents, currently up 1 1/2 cents

May 25 MGEX Wheat  closed at $6.00 1/4, up 13 3/4 cents, currently up 1 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. For more information please view the Barchart Disclosure Policy here.