Wheat Weakness Extending to Tuesday

The wheat complex is showing losses across the three exchanges on Tuesday. Chicago SRW contracts are falling 12 to 13 cents so far on the day. KC HRW futures are 8 to 9 cents lower on Tuesday. MPLS spring wheat is down 7 to 8 cents so far at midday.

Late on Monday, 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%.

European Commission data showed EU wheat exports a 8.47 MMT from July 1 to October 18, matching the export pace from last year. 

Dec 26 CBOT Wheat  is at $6.42 3/4, down 12 1/2 cents,

Mar 27 CBOT Wheat  is at $6.58, down 12 cents,

Dec 26 KCBT Wheat  is at $6.90 3/4, down 8 3/4 cents,

Mar 27 KCBT Wheat  is at $7.02 3/4, down 8 3/4 cents,

Dec 26 MIAX Wheat  is at $6.62 3/4, down 7 1/4 cents,

Mar 27 MIAX Wheat  is at $6.79 3/4, down 7 1/4 cents,