The wheat complex is mixed at midday, with the soft red contracts higher. Chicago SRW futures are fractionally to a penny in the front months so far on the day. KC HRW futures are trading with 2 to 3 cent losses on Tuesday. MPLS spring wheat is down 2 cents in the nearbys at midday.
Crop Progress data indicated 7% of the US winter wheat crop headed, ahead of the 5% 5-year average. The first condition rating for the year pegged the crop at 35% good/excellent, well below the average 42% estimate from analysts. That was shy of the 48% to start last year. The Brugler500 index (100-500 weighted scale) was at 298 points, which was 30 points below the start of last year. That was the 7th lowest start to the crop since 1990. The first Crop Progress report of the year showed the spring wheat crop at 2% planted, behind the 2% average pace.
Don’t Miss a Day:
From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
Analysts are looking for USDA to trim the US ending stocks estimate by 8 mbu to 923 mbu in Thursday’s WASDE according to a Bloomberg survey.
Argus estimates the Russian wheat crop at 88.7 MMT, an increase of 1.2 MMT from their previous number. European Commission data shows 18 MMT of EU wheat exports from July 1 to April 5, which is 1.21 MMT above the same time last year.
May 26 CBOT Wheat is at $5.96 1/4, up 1 cent,
Jul 26 CBOT Wheat is at $6.07 1/4, up 3/4 cent,
May 26 KCBT Wheat is at $6.05 1/2, down 2 3/4 cents,
Jul 26 KCBT Wheat is at $6.21 1/4, down 2 1/2 cents,
May 26 MIAX Wheat is at $6.42 1/2, down 2 cents,
Jul 26 MIAX Wheat is at $6.56 3/4, down 2 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.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
