The wheat complex posted strength on Monday, with all three exchanges higher as tensions in the Black Sea filed to cool off over the weekend. Chicago SRW saw gains of 5 ¾ to 12 ¾ cents across the board. KC HRW futures were up 4 to 10 3/4 cents. MPLS spring wheat was 4 ½ to 5 ¾ cent gains on the session.
This week’s NASS Crop Progress report showed 96% of the US spring wheat crop harvested by Sunday, even with the average pace. The winter wheat crop was lagging the 5 year average for planting pace by 4 percentage points at 17% complete. Emergence was at 2%.
Monday morning’s Export Inspections report showed wheat shipments of 335,253 MT (12.32 mbu) in the week of 9/17. That was down 29.12% from the week prior and more than nearly 1/3 of the same week last year. Mexico was the largest destination of 98,954 MT, with 66,023 MT shipped to Vietnam and 65,069 MT headed to the Philippines. The marketing year total is now 6.028 MMT (221.47 mbu) of shipments, which is now 31.49% below the same period last year.
Dec 26 CBOT Wheat closed at $7.26 3/4, up 12 1/2 cents,
Mar 27 CBOT Wheat closed at $7.42 3/4, up 12 3/4 cents,
Dec 26 KCBT Wheat closed at $7.94 1/2, up 10 3/4 cents,
Mar 27 KCBT Wheat closed at $8.07 3/4, up 10 1/2 cents,
Dec 26 MIAX Wheat closed at $7.46 1/2, up 4 1/4 cents,
Mar 27 MIAX Wheat closed at $7.67, up 5 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.