Wheat Prices Climb Tuesday Amid Market Shifts

The wheat complex recovered from early weaknesses on Tuesday, with all contracts showing gains. Chicago SRW futures rose by 4 to 5 cents, Kansas City HRW futures by 9 to 10.5 cents, and Minneapolis spring wheat led gains with increases of 11 to 12 cents.

Spring wheat surged as the Northern Plains, including Minnesota and the Dakotas, are forecasted to receive minimal precipitation over the next week according to NOAA’s 7-day quantitative precipitation forecast.

NASS Crop Progress data indicates 74% of the U.S. winter wheat crop was harvested by Sunday, 3% ahead of the average. Spring wheat crop conditions show 86% heading, 1% above the five-year average. Conditions in spring wheat were rated 53% good/excellent, down 5%, with the Brugler500 index dropping 6 points to 345. All major states except Washington reported lower ratings, with Idaho, Montana, North/South Dakota, and Minnesota showing declines.

Sovecon estimates the Russian wheat crop at 88.3 million metric tons, down 0.6 MMT from their previous projection due to reduced acreage.

Sept 26 CBOT Wheat closed at $6.78, up 4 cents.

Dec 26 CBOT Wheat closed at $6.96, up 4.5 cents.

Sept 26 KCBT Wheat closed at $7.33, up 9.25 cents.

Dec 26 KCBT Wheat closed at $7.49.5, up 10.5 cents.

Sept 26 MIAX Wheat closed at $7.04.25, up 12 cents.

Dec 26 MIAX Wheat closed at $7.28.25, up 11 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.

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