Wheat Futures Climb Across Exchanges as Harvest Progress and Crop Estimates Drive Midday Gains

The wheat complex is building on earlier gains at midday, with Chicago SRW contracts edging higher and KC HRW futures advancing 5 to 6 cents. MPLS spring wheat leads the rally, climbing 7 to 8 cents.

According to NASS Crop Progress data, 74% of the U.S. winter wheat crop had been harvested by Sunday, running 3% ahead of the seasonal average. The spring wheat crop reached 86% headed, 1% ahead of the five-year average pace. However, spring wheat conditions slipped, with good-to-excellent ratings falling to 53%, down 5 percentage points. The Brugler500 index also declined by 6 points to 345. Crop ratings weakened across all major producing states except Washington (+16), with notable declines in Idaho (-13), Montana (-15), North and South Dakota (-9), and Minnesota (-1).

Sovecon has adjusted its estimate for the Russian wheat crop to 88.3 million metric tons, reflecting a 0.6 MMT decrease from its prior forecast due to lower acreage.

Sep 26 CBOT Wheat is at $6.74 1/2, up 1/2 cent,

Dec 26 CBOT Wheat is at $6.92 1/4, up 3/4 cent,

Sep 26 KCBT Wheat is at $7.28 3/4, up 5 cents,

Dec 26 KCBT Wheat is at $7.45, up 6 cents,

Sep 26 MIAX Wheat is at $7.00 1/2, up 8 1/4 cents,

Dec 26 MIAX Wheat is at $7.24 3/4, up 7 1/2 cents,

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source link