The wheat complex posted gains across the three exchanges on Tuesday, getting help from stronger corn and bean markets. Chicago SRW futures were up 3 ¾ to 4 ¾ cents across the board.KC HRW futures were 1 3/4 to 3 3/4 cents in the green at the close. MPLS spring wheat was 6 to 13 ½ cents higher on the session.
USDA’s monthly WASDE report was released today, with the US wheat ending stocks number raised by 3 mbu to 743 mbu, solely due to a 3 mbu cut to food use. World carryout was raised by 4.78 MMT to 280.82 MMT. World production was up 5.12 MMT, with Argentina (+1.5), Australia (+1.5), Ukraine (+0.5), and Kazakhstan (+0.8) all got a hike.
NASS Crop Progress data showed 89% of the US winter wheat crop planted as of 11/8, 1% shy of the 5-year average. Emergence was at 76%, 2% head of the normal pace. Condition ratings were improved by 5% to 49% good/excellent, with a Brugler500 index score at 337, up 10 points on the week.
European Commission data pegs the EU wheat exports from July 1 to November 8 at 10.05 MMT, up from the 9.89 MMT from the same period last year.
Dec 26 CBOT Wheat closed at $5.92 3/4, up 4 3/4 cents,
Mar 27 CBOT Wheat closed at $6.05 1/4, up 4 3/4 cents,
Dec 26 KCBT Wheat closed at $6.34 1/4, up 1 3/4 cents,
Mar 27 KCBT Wheat closed at $6.41 3/4, up 2 1/2 cents,
Dec 26 MIAX Wheat closed at $6.29 3/4, up 6 1/2 cents,
Mar 27 MIAX Wheat closed at $6.43 1/2, up 6 cents,
On the date of publication, Austin Schroeder did not directly have a position 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.