Grain Rally Extends as Wheat Posts Double-Digit Gains

The wheat complex extended its rally on Friday, posting double-digit gains at the close. Chicago SRW contracts rose 9½ to 12 cents, KC HRW futures climbed 10½ to 14 cents in the front months, and MPLS spring wheat advanced 9¾ to 11½ cents.

Monthly trade data from Census showed 2.057 MMT (75.58 mbu) of wheat exported in August, down 23.47% year-over-year but up 24.83% from the prior month.

Weekly NASS Crop Progress data indicated 36% of the winter wheat crop was planted as of Sunday, lagging the five-year average by 10 percentage points. Planting was behind in KS (-16%), OK (-21%), and TX (-13%), with emergence at 16%.

A drone strike sank a merchant vessel in the Black Sea on Tuesday.

Dec 26 CBOT Wheat closed at $7.04¼, up 12 cents

Mar 27 CBOT Wheat closed at $7.17½, up 11¼ cents

Dec 26 KCBT Wheat closed at $7.56¼, up 14 cents

Mar 27 KCBT Wheat closed at $7.69, up 14 cents

Dec 26 MIAX Wheat closed at $7.20¾, up 11¼ cents

Mar 27 MIAX Wheat closed at $7.37¾, up 11½ cents

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