Wheat Higher as Conditions Slip

The wheat market is posting higher trade at Tuesday’s midday, with contracts up 1 to 5 cents led by KC. Chicago SRW futures are up 1 to 2 cents so far on the day. KC HRW contracts are posting gains of 4 to 5 cents. MPLS spring wheat futures is showing 2 to 3 cent gains. 

On Monday afternoon, 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 Brulger500 index at 327. 

US Census data tallied November wheat exports at 1.417 MMT (52.06 mbu), which was a 4-year high for the month. That took the second quarter exports to 199.7 mbu including products, with the first half of the marketing year at 425 mbu.

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.

EU soft wheat exports have totaled 11.16 MMT as of January 5, starting at the beginning of July. That is down 33.93% from 1689 MMT in the same period last year.

Mar 25 CBOT Wheat  is at $5.41 3/4, up 1 1/4 cents,

May 25 CBOT Wheat  is at $5.53 1/2, up 1 cent,

Mar 25 KCBT Wheat  is at $5.57 1/4, up 4 cents,

May 25 KCBT Wheat  is at $5.66, up 4 1/4 cents,

Mar 25 MGEX Wheat  is at $5.94 1/2, up 2 1/4 cents,

May 25 MGEX Wheat  is at $6.02 1/2, up 2 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.