Wheat Ticking Higher on Wednesday Morning

Wheat is showing mostly higher trade on Wednesday morning, with spring wheat the lagger. The wheat complex fell lower across the three markets on Tuesday. Chicago SRW contracts were 1 to 7 cents in the red at the close. Open interest was up 2,876 contracts. KC HRW futures were fractionally in some deferreds to 8 ¾ cents lower on the day. OI was up 1,082 contracts. MPLS spring wheat posted weakness of 4 ¾ to 14 ½ cents.

Weekly NASS Crop Progress data showed 76% of winter wheat crop was planted as of Sunday, now lagging the 5 year average for planting pace by 1 percentage point. Emergence was at 53%.

USDA’s GAIN reports showed updates to the Attaché offices in Australian and Argentina on Monday. Australia production was seen at 32 MMT, 1 MMT above the official number, with Argentina at 23 MMT, a 1.5 MMT higher number than the official USDA data.

EU wheat exports from July 1 to October 25 have totaled 9.21 MMT, a 0.07 MMT increase from last year. 

Dec 26 CBOT Wheat  closed at $6.10 1/4, down 5 3/4 cents, currently up 1 1/4 cents

Mar 27 CBOT Wheat  closed at $6.23, down 6 3/4 cents, currently up 1 1/4 cents

Dec 26 KCBT Wheat  closed at $6.50 1/2, down 8 1/2 cents, currently up 2 cents

Mar 27 KCBT Wheat  closed at $6.60, down 8 3/4 cents, currently up 1 1/2 cents

Dec 26 MIAX Wheat  closed at $6.29 1/2, down 5 1/2 cents, currently down 1 1/2 cents

Mar 27 MIAX Wheat  closed at $6.47 1/2, down 4 3/4 cents, currently unch

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.