The wheat complex posted strength across the three exchanges on Tuesday. Chicago SRW futures were 7 1/2 to 10 cents higher on the day. KC HRW futures led the way with gains of 18 1/2 to 20 1/4 cents on the day. MPLS spring wheat was up 11 to 113 1/2 cents on the day.
Crop Progress data showed winter wheat at 11% headed as of Sunday, compared to the 5-year average of 7%. Condition ratings were down 1 point to 34% good/excellent, with the Brugler500 index slipping 3 points to 295. Kansas ratings were down 20 points on the Brugler500, with NE ratings down 18 points and TX losing 7 points.
Spring wheat was listed at 6% planted, now lagging the 7% average pace.
The next 7 days are expected to remain dry from the western part of KS, to the panhandle of TX according to the NOAA 7-day QPF. SRW area is still expected to see 1 to 3 inches.
May 26 CBOT Wheat closed at $5.92, up 9 3/4 cents,
Jul 26 CBOT Wheat closed at $6.01 1/4, up 10 cents,
May 26 KCBT Wheat closed at $6.22 3/4, up 19 1/2 cents,
Jul 26 KCBT Wheat closed at $6.36 1/4, up 19 3/4 cents,
May 26 MIAX Wheat closed at $6.38, up 13 1/2 cents,
Jul 26 MIAX Wheat closed at $6.52, up 12 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.
