Wheat is trading with mixed action, as contracts are higher in the soft red contract and weaker in the hard red contracts. The wheat complex closed Tuesday with mixed action across the three exchanges. Chicago SRW futures saw slight gains, fractionally to 2 ¼ cents higher. Tuesday’s preliminary open interest was down 5,204 contracts on Tuesday. KC HRW futures were down 1 to 3 cents at the close. OI was up 434 contracts. MPLS spring wheat futures were up 6 to 9 cents in the nearby contracts to lead the bulls.
USDA released their Crop Progress report this morning showing the winter wheat crop at 92% planted, lagging the 95% average pace. Emergence was at 79%, behind the 84% 5-year average. Condition ratings were pegged at 45% in good/excellent ratings, which was down from 49% last year. That equated to 328 on the Brugler500 index, down from 338 a year ago.
EU exports have totaled 9.05 MT since July 1 to November 16, now catching on last year and lagging by just 0.04 MMT vs. the same period. The Ukraine Ag Ministry estimates the country’s wheat crop at 23 MMT, up 0.4 MMT from 2024, with exports expected to reach 17 MMT in 2025/26.
Dec 25 CBOT Wheat closed at $5.46 1/2, up 2 1/4 cents, currently up 1 3/4 cents
Mar 26 CBOT Wheat closed at $5.59, up 1/2 cent, currently up 1 1/4 cents
Dec 25 KCBT Wheat closed at $5.26 1/4, down 2 1/2 cents, currently unch
Mar 26 KCBT Wheat closed at $5.43, down 1 3/4 cents, currently up 1/2 cents
Dec 25 MGEX Wheat closed at $5.83 3/4, up 9 cents, currently down 1 1/4 cents
Mar 26 MGEX Wheat closed at $5.88, up 6 3/4 cents, currently down 1 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.
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