Wheat Closes with Mostly Higher Trade
Wheat futures saw modest gains on Tuesday, with Chicago SRW up 3 ¾ cents, while KC HRW contracts fell by 1 ¾ to 4 cents. The US winter wheat crop was 97% planted, with 89% emerged and 55% rated good to excellent. South Korea bought 50,000 MT of US wheat, and EU exports were down from last year.
Wheat found some strength to pull out a Turnaround Tuesday bounce at the close. Chicago SRW futures were up fractionally to 3 ¾ cents in most contracts with a few deferreds down ½ cent. KC HRW contracts were 1 ¾ t 4 cents lower on the session. MPLS spring wheat was down 3 ½ in Dec ahead of FND, with the rest of the contracts up 1 ¾ to 5 cents.
The US winter wheat crop was tallied at 97% planted as of 11/24 according to the final NASS Crop Progress report of the season, with emergence at 89%. Conditions were reported at 55% good to excellent, up 6% from last week. The Brugler500 index was up 10 points to 348, and a 35 points improvement since the initial rating 5 weeks ago. While the national reports are done, some individual state reports will be released throughout the winter.
A South Korean importer purchased 50,000 MT of US wheat in a tender on Tuesday. The EU has exported 9.15 MMT of soft wheat from the first of July through November 24 according to the European Commission. That is well below the 13.08 MMT from the same point last year. Algeria purchased an unspecified volume of wheat in a tender on Tuesday.
Dec 24 CBOT Wheat closed at $5.39 1/2, up 3 3/4 cents,
Mar 25 CBOT Wheat closed at $5.58, up 2 1/4 cents,
Dec 24 KCBT Wheat closed at $5.50 1/2, up 4 cents,
Mar 25 KCBT Wheat closed at $5.58 3/4, up 1 3/4 cents,
Dec 24 MGEX Wheat closed at $5.77 1/2, down 3 1/2 cents,
Mar 25 MGEX Wheat closed at $6.01 1/2, up 5 cents.
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Source Link : Barchart
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