Wheat Starting Turnaround Tuesday with a Bounce

Wheat is trading with Tuesday AM gains. The wheat complex posted losses across the three exchanges on Monday. Chicago SRW contracts were 2 ¼ to 5 cents in the red at the close. Open interest was down just 231 contracts on Monday. KC HRW futures were fractionally to 4 ½ cents lower on Monday. OI was up 989 contracts on Monday. MPLS spring wheat was down 3 3/4 to 6 3/4 cents at the final bell.

Late on Tuesday, the White House announced a Harvest Fuel Relief Program, providing producers with $8 billion in assistance due to high fuel prices. 

Weekly NASS Crop Progress data showed 63% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 6 percentage points. Emergence was at 39%.

Monday morning’s Export Inspections report showed wheat shipments of 240,308 MT (8.83 mbu) in the week of 10/15. That was down 21.83% from the week prior and 51.3% below the same week last year. Vietnam was the largest destination of 74,724 MT, with 38,500 MT shipped to Egypt and 37,885 MT headed to Colombia. The marketing year total is now 7.219 MMT (265.28 mbu) of shipments, which is now 64.43% below the same period last year.

Dec 26 CBOT Wheat  closed at $6.55 1/4, down 5 1/4 cents, currently up 5 1/2 cents

Mar 27 CBOT Wheat  closed at $6.70, down 5 cents, currently up 5 1/4 cents

Dec 26 KCBT Wheat  closed at $6.99 1/2, down 4 1/2 cents, currently up 5 1/2 cents

Mar 27 KCBT Wheat  closed at $7.11 1/2, down 4 1/4 cents, currently up 5 cents

Dec 26 MIAX Wheat  closed at $6.70, down 6 1/2 cents, currently up 1 cents

Mar 27 MIAX Wheat  closed at $6.87, down 6 3/4 cents, currently up 1 1/4 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.