Wheat Bulls Trying to Take Back Ground on Tuesday
The wheat market is trading with mostly higher action across the three markets at midday. Chicago SRW wheat is up 7 to 8 cents on the day. There were 193 contracts issued against CBT wheat overnight. KC HRW contracts are holding fractional gains at midday. There were 310 deliveries against KC wheat overnight. MPLS spring wheat is up 2 to 3 cents across most contracts.
Crop Progress data tallied 37% of the US winter wheat crop as harvested by June 29, which is lagging the average pace by 5%. Conditions were down 1% to 48% good/excellent, with the Brugler500 index dropping 1 to 329. Of the major states, CO say the most improvement, up 28 points, with KS up 3. Ratings dropped in Ne by 25 points, with TX down 2. The spring wheat crop was 38% headed, 1% behind average. Conditions were 1% lower to 53% gd/ex, with the Brugler500 up 4 to 345 as poor/very poor ratings were down 1%. There was improvement noted in ND & MT (+2), SD (+8), with ID, MN, and WA all lower.
Monday’s Grain Stocks report indicated all wheat stocks as of June 1 at 850.5 million bushels, which was above the trade ideas and nearly 10 mbu larger than the June WASDE for the 2024/25 ending stocks total. Acreage was tallied at 45.478 million acres across all wheat, just 40,000 acres above trade ideas and 128,000 larger than in March. Winter wheat acres were up 10,000 acres from the March report at 33.325 million acres, with spring wheat up just 25,000 acres at 10.045 million. Durum saw a 93,000 acre shift higher from March at 2.108 million acres. Harvested winter wheat acres were down 883,000 acres from the June Crop Production report
Ukraine wheat exports totaled 15.7 MMT in 2024/25 according to the country’s ag ministry, down from the 18.5 MMT in the year prior.
Jul 25 CBOT Wheat is at $5.35 3/4, up 7 cents,
Sep 25 CBOT Wheat is at $5.46, up 7 3/4 cents,
Jul 25 KCBT Wheat is at $5.06 1/4, up 1/4 cent,
Sep 25 KCBT Wheat is at $5.27, up 1/4 cent,
Jul 25 MGEX Wheat is at $5.98 1/4, down 4 cents,
Sep 25 MGEX Wheat is at $6.24 1/2, up 3 cent,
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.
