Wheat Rallying on Tuesday Morning, as Wheat Ratings Slip
Wheat futures are starting off the Tuesday session with contracts higher across the three exchanges. The wheat market closed out the Monday session with bulls gaining ground. Chicago SRW futures saw 4 cent gains in the nearbys. Kansas City HRW contracts were 6 to 7 cents in the green. Preliminary open interest rose 2,250 contracts on Monday. Minneapolis spring wheat futures were 11 to 13 cents higher.
Export Inspections data showed a total of 423,785 MT (15.57 mbu) of wheat shipped during the week of May 15. That was an increase of 4.59% from the previous week and 85.06% above the same week last year. Japan was the largest destination of 123,562 MT, with 72,551 MT headed to Mexico. Marketing year exports have totaled 20.702 MMT (760.7 mbu) since June 1, which is 15.69% above the same period last year.
Weekly Crop Progress data indicated the spring wheat crop at 82% planted, well ahead of the 65% average pace. Emergence was tallied at 45% planted, vs. the normal 34% pace. Winter wheat shown at 64% headed, 6 percentage points faster than average. Conditions were shown as slipping 2% to 52% gd/ex, with the Brugler500 index down 2 to 336.
Jul 25 CBOT Wheat closed at $5.29, up 4 cents, currently up 9 1/2 cents
Sep 25 CBOT Wheat closed at $5.43, up 4 cents, currently up 9 1/4 cents
Jul 25 KCBT Wheat closed at $5.22 3/4, up 6 1/4 cents, currently up 11 3/4 cents
Sep 25 KCBT Wheat closed at $5.36 1/2, up 6 cents, currently up 11 1/4 cents
Jul 25 MGEX Wheat closed at $5.85 1/2, up 12 1/4 cents, currently up 7 3/4 cents
Sep 25 MGEX Wheat closed at $5.98 3/4, up 11 1/2 cents, currently up 7 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.