Wheat Bulls Get Some Footing on Tuesday
On Tuesday, wheat futures saw notable gains: Chicago SRW up 10-11 cents, KC HRW increased by 9-14 cents, and MPLS spring wheat rose 4-7 cents. The USDA’s Crop Progress report indicated a 4% drop in spring wheat condition ratings. EU soft wheat exports were down 1.1 MMT from last year, totaling 3.93 MMT.
Wheat saw Turnaround Tuesday gains on the Tuesday session. Chicago SRW futures were up 10 to 11 cents in the front months. KC HRW saw nearby gains of 9 to 14 cents at the close. MPLS spring wheat was up 4 to 7 cents as the final bell range on Tuesday.
The weekly Crop Progress report showed spring wheat condition ratings down 4% to 69% in the good or excellent categories. The Brugler500 index was down 10 points on the week at 369. Minnesota was down 21 points, with Montana slipping 17 points and North Dakota down 2 points.
EU soft wheat exports have totaled 3.93 MMT since July 1 and through August 23, down nearly 1.1 MMT from the same period last year. Wheat production out of Canada will be updated on Wednesday morning, with estimates at 34.1 MMT, which would be well above last year if realized.
Sep 24 CBOT Wheat closed at $5.08 1/4, up 10 1/4 cents,
Dec 24 CBOT Wheat closed at $5.35 1/2, up 10 1/2 cents,
Sep 24 KCBT Wheat closed at $5.38 3/4, up 13 3/4 cents,
Dec 24 KCBT Wheat closed at $5.46 3/4, up 9 1/2 cents,
Sep 24 MGEX Wheat closed at $5.46 1/4, up 4 3/4 cents,
Dec 24 MGEX Wheat closed at $5.74 1/4, up 6 1/4 cents.
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Source Link : https://www.barchart.com/story/news/28240377/wheat-bulls-get-some-footing-on-tuesday
