Wheat Bulls Powering Through at Midday

The wheat complex is showing mostly higher trade on Tuesday, pushing off early losses. Chicago SRW contracts are showing 1 to 2 cent gains on the session. KC HRW futures are up 1 to 3 ½ cents across most front months. MPLS spring wheat is showing fractionally mixed trade.

On Monday, Ukraine’s President Zelensky stated there will be a diplomatic track with Russia in regard to the Black Sea attack.

This week’s NASS Crop Progress report showed 62% of the US spring wheat crop harvested by Sunday, 10% ahead of the normal pace and a 21% jump on the week. Conditions were down 1% at 51% gd/ex, with the Brugler500 index back down 3 points to 341. That is the final rating for the crop. Ratings in ND were down 10 points, with the rest of the 5 states either higher or unchanged (MN & SD).

Sep 26 CBOT Wheat  is at $6.83 3/4, up 2 cents,

Dec 26 CBOT Wheat  is at $7.01, up 1 1/2 cents,

Sep 26 KCBT Wheat  is at $7.54, up 3 1/2 cents,

Dec 26 KCBT Wheat  is at $7.69, up 1 3/4 cents,

Sep 26 MIAX Wheat  is at $6.95, up 1 1/4 cents,

Dec 26 MIAX Wheat  is at $7.20 3/4, down 1/2 cent,

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.