Wheat Reverting from Monday Action with Slight Winter Wheat Gains to Start Tuesday

Wheat is showing mixed trade so far on Tuesday morning, with the winter wheats catching some bids and spring wheat on the weaker side. The wheat complex is posting mixed trade on Monday, as the spring wheat is posting modest strength. Chicago SRW futures saw weakness, with contracts down 2 ¼ to 4 ½ cents. Open interest suggested a rotation of ownership, down just 867 contracts. KC HRW futures closed with contracts steady to 1 ½ cents on the day. OI dropped 2,367 contracts on Monday. MPLS spring wheat was up 1 ½ to 6 ¼ cents across the board on the session

NASS Crop Progress data showed 89% of the US winter wheat crop planted as of 11/8, 1% shy of the 5-year average. Emergence was at 76%, 2% head of the normal pace. Condition ratings were improved by 5% to 49% good/excellent, with a Brugler500 index score at 337, up 10 points on the week.

Monday morning’s Export Inspections report showed just 248,543 MT (9.132 mbu) of wheat shipped in the week of 11/5. That was more 2.4 times the previous week but 14.72% below the same week last year. Vietnam was the largest destination of 68,469 MT, with 55,847 MT shipped to Mexico and 52,344 MT to Nigeria. The marketing year total is now 7.804 MMT (286.75 mbu) of wheat shipped since June 1, which is 35.6% below the same period last year.

USDA’s monthly WASDE report will be released today, with Bloomberg survey of analysts looking for US wheat stocks to be raised by 4 mbu to 744 mbu.

USDA’s annual baseline projections were released on Monday showing an arm chair projection of 44 million wheat acres for 2027/28, up from 42.5 million this year if realized.

Algeria issued a tender for wheat imports with a deadline for offers of November 11. Turkey also issued a tender for 400,000 MT of wheat with a deadline of November 17. 

Dec 26 CBOT Wheat  closed at $5.88, down 3 1/4 cents, currently up 1/4 cent

Mar 27 CBOT Wheat  closed at $6.00 1/2, down 2 1/4 cents, currently up 1/2 cent

Dec 26 KCBT Wheat  closed at $6.32 1/2, unch, currently up 2 1/2 cents

Mar 27 KCBT Wheat  closed at $6.39 1/4, down 1/2 cent, currently up 1 3/4 cents

Dec 26 MIAX Wheat  closed at $6.22, up 6 cents, currently down 2 1/4 cents

Mar 27 MIAX Wheat  closed at $6.36 3/4, up 5 1/2 cents, currently down 2 cents

On the date of publication, Austin Schroeder did not directly have a position 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.