Wheat is trading with contracts down 8 to 12 cents across the three markets on Tuesday morning. 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. Open interest was down 3,541 contracts, mainly in nearby December. KC HRW futures were up 4 to 10 3/4 cents. OI rose 1,547 contracts. MPLS spring wheat was 4 ½ to 5 ¾ cent gains on the session.
Attacks in the Black Sea continue, with reports of Russian strikes on a Ukrainian refinery overnight.
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, currently down 8 1/4 cents
Mar 27 CBOT Wheat closed at $7.42 3/4, up 12 3/4 cents, currently down 8 3/4 cents
Dec 26 KCBT Wheat closed at $7.94 1/2, up 10 3/4 cents, currently down 12 cents
Mar 27 KCBT Wheat closed at $8.07 3/4, up 10 1/2 cents, currently down 11 cents
Dec 26 MIAX Wheat closed at $7.46 1/2, up 4 1/4 cents, currently down 7 1/2 cents
Mar 27 MIAX Wheat closed at $7.67, up 5 1/4 cents, currently down 8 1/4 cents
