Wheat Pushing Higher As Planting Progress Drags

The wheat complex is in rally mode on Tuesday. Chicago SRW contracts are 7 to 9 cents higher on Tuesday. KC HRW futures are up 12 to 13 cents in the front months. MPLS spring wheat is trading with contracts 8 to 9 cents higher at midday.

Monthly trade data from Census showed 2.057 MMT (75.58 mbu) of wheat exported in August, which was 23.47% below last year but up 24.83% from last month.

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%.

Dec 26 CBOT Wheat  is at $7.00 1/2, up 8 1/4 cents,

Mar 27 CBOT Wheat  is at $7.14, up 7 3/4 cents,

Dec 26 KCBT Wheat  is at $7.54 1/2, up 12 1/4 cents,

Mar 27 KCBT Wheat  is at $7.67, up 12 cents,

Dec 26 MIAX Wheat  is at $7.17, up 8 1/2 cents,

Mar 27 MIAX Wheat  is at $7.33 3/4, 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.