Wheat Joins in on the Grain Rally on Friday

The wheat complex was in rally mode on Tuesday, posting double digit gains at the close. Chicago SRW contracts were 9 ½ to 12 cents higher on the day. KC HRW futures were up 10 1/2 to 14 cents in the front months. MPLS spring wheat posted gains of 9 ¾ to 11 ½ cents at the close.

Monthly trade data from Census showed 2.057 MMT (75.58 mbu) of wheat exported in August, which was 23.47% below last year but up 24.83% from last month.

Weekly NASS Crop Progress data showed 36% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 10 percentage points. Planting was lagging in KS (-16%), OK (-21%), and TX (-13%). Emergence was at 16%. 

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

Dec 26 CBOT Wheat  closed at $7.04 1/4, up 12 cents,

Mar 27 CBOT Wheat  closed at $7.17 1/2, up 11 1/4 cents,

Dec 26 KCBT Wheat  closed at $7.56 1/4, up 14 cents,

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

Dec 26 MIAX Wheat  closed at $7.20 3/4, up 11 1/4 cents,

Mar 27 MIAX Wheat  closed at $7.37 3/4, up 11 1/2 cents,