The wheat complex posted a double digit rally across the three exchanges on Tuesday. Chicago SRW futures were 17 to 28 1/4 cents higher on Tuesday. KC HRW futures were up 18 to 29 ½ cents across most contracts. MPLS spring wheat was 12 1/2 to 21 1/2 cents higher across the board.
Crop Progress data showed the US spring wheat crop at 19% planted, now 3 percentage points behind the pace from the last 5 years (22%). Planting progress in MN was 10 percentage points behind normal, with ND lagging by 6% and SD 1 back of normal. Emergence was pegged at 5%.
The winter wheat crop was at 34% headed, which was 13 percentage points head of normal. Condition ratings were unchanged 30%, though the Brugler500 index was down 3 points to 287 on a 2% drop out of fair to poor (+1%) and very poor (+1%). The only of the 18 states reported to see any improvement on the Brugler500 index was AR (+35), IL (+2) IN (+1), and OK (+1). Sharp drops were noted in CO (-13), MT (-18), NE (-26), NC (-16), and OR (-19), with KS slipping 2 points and TX down 3. An average of the main HRW states was 244, which was the second lowest for the week going back to 2000.
The next 7-day’s via the NOAA forecast looks dry in much of Kansas, with parts of OK and TX seeing 1 to 2 inches. With OK at 43% headed and TX at 65%, that may come too late.
The EU soft wheat exports from July 1 to April 24 were tallied at 19.28 MMT, up 1.18 MMT from the same period last year, according to the European Commission.
May 26 CBOT Wheat closed at $6.49, up 27 1/2 cents,
Jul 26 CBOT Wheat closed at $6.57 3/4, up 28 cents,
May 26 KCBT Wheat closed at $6.96 3/4, up 29 1/2 cents,
Jul 26 KCBT Wheat closed at $7.02 1/4, up 27 cents,
May 26 MIAX Wheat closed at $6.98 1/2, up 21 1/2 cents,
Jul 26 MIAX Wheat closed at $7.13 1/4, up 18 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.
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