Wheat Weakness Extending to Wednesday

Wheat is starting off Wednesday with weakness, as contracts are down 2 to 4 cents. The wheat complex saw weakness across the board on Tuesday. Chicago SRW contracts closed the day with losses of 2 ½ to 4 ¼ cents. Open interest was up just 523 contracts on Tuesday. KC HRW futures were 2 ½ to 3 ¼ cents in the red on Tuesday. MPLS spring wheat saw losses of 2 ¼ to 5 ½ cents at the close.

Weekly NASS Crop Progress data showed 51% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 7 percentage points. Emergence was at 27%.

Tuesday morning’s Export Inspections report showed wheat shipments of 304,660 MT (11.19 mbu) in the week of 10/8. That was up 0.66% from the week prior but 31.92% below the same week last year. South Korea was the largest destination of 75,240 MT, with 72,047 MT shipped to Mexico and 67,640 MT headed to Sri Lanka. The marketing year total is now 6.977 MMT (256.35 mbu) of shipments, which is now 35.87% below the same period last year.

Algeria purchased an estimated 660,000-720,000 MT of wheat in their tender on Tuesday. The French wheat exports outside the EU are estimated at 6.5 MMT according to FranceAgriMer, up 0.2 MMT from their previous number, with ending stocks for French wheat at 2.7 MMT, down 0.3 MMT from their prior estimate.

Dec 26 CBOT Wheat  closed at $6.69 1/4, down 3 cents, currently down 2 3/4 cents

Mar 27 CBOT Wheat  closed at $6.83 1/4, down 2 3/4 cents, currently down 2 1/2cents

Dec 26 KCBT Wheat  closed at $7.12 1/4, down 3 cents, currently down 3 3/4 cents

Mar 27 KCBT Wheat  closed at $7.25, down 3 cents, currently down 4 cents

Dec 26 MIAX Wheat  closed at $6.94, down 2 1/4 cents, currently down 1 1/2 cents

Mar 27 MIAX Wheat  closed at $7.12 1/2, down 2 1/4 cents, currently down 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.