Wheat Starts the Week with Gains

The wheat complex held onto the gains to start the week. Chicago SRW contracts closed out the Monday session with contracts 5 ½ to 9 ½ cents higher. KC HRW futures were 4 to 7 cents in the green at the Monday close. MPLS spring wheat posted 7 ½ to 10 ½ cent gains on the day.

Weekly NASS Crop Progress data showed 36% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 10 percentage points. Emergence was at 16%.

Monday morning’s Export Inspections report showed wheat shipments of 302,356 MT (11.11 mbu) in the week of 10/1. That was down 10.29% from the week prior and 48.95% below the same week last year. The Philippines was the largest destination of 63,280 MT, with 59,056 MT shipped to Bangladesh and 51,448 MT headed to Taiwan. The marketing year total is now 6.672 MMT (245.14 mbu) of shipments, which is now 35% below the same period last year.

The Saudi Arabia tender for wheat was filled overnight, with total purchases of 683,000 MT of wheat. 

Dec 26 CBOT Wheat  closed at $6.92 1/4, up 9 1/4 cents,

Mar 27 CBOT Wheat  closed at $7.06 1/4, up 9 1/2 cents,

Dec 26 KCBT Wheat  closed at $7.42 1/4, up 7 cents,

Mar 27 KCBT Wheat  closed at $7.55, up 7 cents,

Dec 26 MIAX Wheat  closed at $7.09 1/2, up 10 1/2 cents,

Mar 27 MIAX Wheat  closed at $7.25 1/4, up 8 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.