Wheat is showing double digit strength on Wednesday morning with gains of 9 ¼ to 13 ½ cents. The wheat complex is showing mostly higher trade on Tuesday, pushing off early losses. Chicago SRW contracts were 3 ¾ to 8 ¾ cents higher across the board. Open interest was down 3,675 contracts on Tuesday. KC HRW futures were 3 ½ to 7 ¾ cents in the green at the close. OI was down just 55 contracts on Tuesday, suggesting a rotation of ownership. MPLS spring wheat was mixed with contracts down 1 ¼ to ¼ cent higher.
On Monday, Ukraine’s President Zelensky stated there will be a diplomatic track with Russia in regard to the Black Sea attack.
This week’s NASS Crop Progress report showed 62% of the US spring wheat crop harvested by Sunday, 10% ahead of the normal pace and a 21% jump on the week. Conditions were down 1% at 51% gd/ex, with the Brugler500 index back down 3 points to 341. That is the final rating for the crop. Ratings in ND were down 10 points, with the rest of the 5 states either higher or unchanged (MN & SD).
Sep 26 CBOT Wheat closed at $6.85 1/2, up 3 3/4 cents, currently up 13 1/2 cents
Dec 26 CBOT Wheat closed at $7.03 1/4, up 3 3/4 cents, currently up 13 1/2 cents
Sep 26 KCBT Wheat closed at $7.54 1/2, up 4 cents, currently up 13 1/4 cents
Dec 26 KCBT Wheat closed at $7.70 3/4, up 3 1/2 cents, currently up 13 1/2 cents
Sep 26 MIAX Wheat closed at $6.94, up 1/4 cent, currently up 9 3/4 cents
Dec 26 MIAX Wheat closed at $7.20, down 1 1/4 cents, currently up 9 3/4 cents
