Wheat Holding Strength on Tuesday
Wheat is posting higher trade at Tuesday’s midday. Chicago SRW futures are firm to 2 1/4 cents higher so far on the day. Kansas City HRW contracts are 3 to 5 cents in the green. MPLS spring wheat is up 2 to 4 cents in the nearby contracts.
Precip is expected to cover a good portion of the Southern Plains and SRW country in the next week.
Individual state Crop Progress reports showed KS winter wheat steady at 49% gd/ex, with a Brugler500 index unchanged at 334. Ratings in TX were up down 5% at 26% gd/ex and 3 points lower on the Brugler500 at 285. Weekly NASS national Crop Progress reports will begin next Monday.
EU soft wheat export shipments for the marketing year starting last July have totaled 15.68 MMT. That is well below the 24.54 MMT shipped in the same week last year. Ukraine is leaving their 2024/25 wheat export restriction at 16.2 MMT for the MY that ended in June, as ~13 MMT have already been shipped.
May 25 CBOT Wheat is at $5.39 1/4, up 2 1/4 cents,
Jul 25 CBOT Wheat is at $5.52 1/2, up 2 cents,
May 25 KCBT Wheat is at $5.62, up 5 cents,
Jul 25 KCBT Wheat is at $5.73 3/4, up 3 3/4 cents,
May 25 MGEX Wheat is at $5.94 1/4, up 2 1/4 cents,
Jul 25 MGEX Wheat is at $6.10 1/2, up 3 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.