Wheat Showing Green on the Screen Early on Thursday

Wheat is higher across the three exchanges on Thursday. The wheat complex was mixed at the Wednesday close. Chicago SRW contracts were steady to 4 cents higher in the front months, with deferreds slightly lower. Open interest was up 7,792 contracts on Wednesday. KC HRW futures was also mixed, with contracts anywhere from 3 cents higher to a penny lower. OI rose 2,621 contracts. MPLS spring wheat was fractionally to 4 cents in the red at the close.

Weekly NASS Crop Progress data showed 51% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 7 percentage points. Planting pace was behind normal mainly in KS (-12% behind), MI (-15%), and OH (-26%). Emergence was at 27%. 

Planting may be slows in the next couple days from overnight rains and precip expected in parts of TX, OK, KS add up through NE and over to MO, IL and IN.

Algeria purchased an estimated 660,000-720,000 MT of wheat in their tender on Tuesday. The French wheat exports outside the EU are estimated at 6.5 MMT according to FranceAgriMer, up 0.2 MMT from their previous number, with ending stocks for French wheat at 2.7 MMT, down 0.3 MMT from their prior estimate.

Dec 26 CBOT Wheat  closed at $6.73 1/4, up 4 cents, currently up 1 3/4 cents

Mar 27 CBOT Wheat  closed at $6.86 1/2, up 3 1/4 cents, currently up 2 cents

Dec 26 KCBT Wheat  closed at $7.15, up 2 3/4 cents, currently up 1 3/4 cents

Mar 27 KCBT Wheat  closed at $7.26 3/4, up 1 3/4 cents, currently up 1 1/4 cents

Dec 26 MIAX Wheat  closed at $6.90, down 4 cents, currently up 2 cents

Mar 27 MIAX Wheat  closed at $7.08 1/4, down 3 1/4 cents, currently up 1 3/4 cents