Wheat is showing early Wednesday losses of double digits across the three exchanges. The wheat complex posted losses across three markets on Tuesday. Chicago SRW futures were 8 to 13 ¼ cents in the red at the close. There were another 41 deliveries issued against May futures overnight. KC HRW futures were down 3 to 5 3/4 cents on Tuesday. MPLS spring wheat was 3 to 4 1/2 cents lower at the final bell.
Crude oil is down $7.67 this morning following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.
Crop Progress data showed the US spring wheat crop at 32% planted, now 3 percentage points behind the pace from the last 5 years (35%). Planting progress in MN was 12% back of average, with ND 5% behind normal. Emergence was pegged at 10%.
The winter wheat crop was at 49% headed by Sunday, which was 17 percentage points head of normal. Condition ratings were up 1% to 31% gd/ex, though a 2% increase in poor/very poor ratings was also noted. Brugler500 index was down 1 point to 286. Ratings in KS were down 5 points, with NE down 2, and OK dropping 3, with TX back up 10 points, and CO improving 4.
Oklahoma’s annual wheat industry crop tour estimates the winter wheat harvest at 47.799 million bushels, with yield at 23.11 bpa. That compares to the 35.9 bpa yield and 101.2 mbu estimate in last year’s tour vs. USDA’s final tally at 38 bpa and 106.4 mbu.
Monthly Census trade data saw a total of 1.821 MMT of wheat shipped in March, up 1.24% from last year and 6% below February.
May 26 CBOT Wheat closed at $6.16 1/2, down 13 cents, currently down 18 1/4 cents
Jul 26 CBOT Wheat closed at $6.27 3/4, down 13 1/4 cents, currently down 14 cents
May 26 KCBT Wheat closed at $6.77 1/4, down 5 1/4 cents, currently up 4 1/2 cents
Jul 26 KCBT Wheat closed at $6.90, down 4 1/2 cents, currently down 12 cents
May 26 MIAX Wheat closed at $6.84 3/4, down 20 3/4 cents, currently unch
Jul 26 MIAX Wheat closed at $6.96, down 8 cents, currently down 10 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.
