Wheat is starting Tuesday with contracts on the lower side. The wheat complex posted losses across the three exchanges on Monday. Chicago SRW was down 9 1/2 to 14 3/4 cents on the day. Open interest was down 2,024 contracts suggesting some longs were liquidating. KC HRW futures were 11 to 16 3/4 cents lower the close. OI slipped 3,406 contracts. MPLS spring wheat was 4 1/2 to 11 3/4 cents in the red.
Early this morning reports suggested the constructive meetings on Monday, with US and Russian officials on peacefully resolving the war in Ukraine.
This week’s NASS Crop Progress report showed 27% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 7 percentage points. Emergence was at 8%.
Monday morning’s Export Inspections report showed wheat shipments of 310,635 MT (11.41 mbu) in the week of 9/24. That was down 8.62% from the week prior and 64.44% below the same week last year. The Philippines was the largest destination of 120,999 MT, with 68,640 MT shipped to Mexico and 54,999 MT headed to Nigeria. The marketing year total is now 6.343 MMT (233.47 mbu) of shipments, which is now 34.42% below the same period last year.
NASS will release their quarterly Grain Stocks data on Wednesday, as a Reuters survey of analysts are looking for September 1 wheat stocks of 1.857 billion bushels. That would be a drop of 277 mbu from a year ago if realized.
Dec 26 CBOT Wheat closed at $6.88 3/4, down 14 1/2 cents, currently down 1 1/4 cents
Mar 27 CBOT Wheat closed at $7.03 1/2, down 14 3/4 cents, currently down 1 cents
Dec 26 KCBT Wheat closed at $7.45 3/4, down 16 1/4 cents, currently down 6 cents
Mar 27 KCBT Wheat closed at $7.57 3/4, down 16 1/4 cents, currently down 5 cents
Dec 26 MIAX Wheat closed at $7.02 3/4, down 11 3/4 cents, currently down 1/4 cent
Mar 27 MIAX Wheat closed at $7.23 3/4, down 11 cents, currently down 3/4 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.