Wheat Posting Mixed Trade on Tuesday
Wheat futures are mixed midday: Chicago down 5-6 cents, Kansas City up fractionally, and MPLS up 1-3 cents. The winter wheat harvest is 93% complete, and spring wheat is 18% finished. USDA’s report showed record yields for winter and spring wheat. Egypt purchased 280,000 MT of wheat, negotiating further purchases. September CBOT Wheat is at $5.31 1/4, Kansas City at $5.49 3/4, and MGEX at $5.95 1/4.
Wheat futures are showing mixed action at midday, with Chicago the weakness down 5 to 6 cents. Kansas City HRW contracts are showing fractional to 1 ½ cent gains. MPLS spring wheat futures are up 1 to 3 cents at midday.
The weekly NASS Crop Progress report showed the winter wheat harvest a 93% complete and 2% faster than the 5-year average pace for August 11. The spring wheat harvest was picking up pace, now at 18% finished by Sunday lagging normal by 3%. Condition ratings were down 2% to 72%, as the Brugler500 index slipped just 1 point to 379.
USDA’s Crop Production report from Monday showed winter wheat yield at 53.2 bpa, with record yields reported out of several norther states: OR, MT, SD, MI and WI. The national spring wheat yield was a record, 52.6 bpa, though it NASS did reduce it by 0.9% from July. Both ND and MN yield were tallied at a record.
Egypt’s GASC purchased just 280,000 MT of wheat in their tender on Monday, with the origins split by 180,000 MT of Ukrainian and 100,000 MT Bulgarian wheat. They are reportedly negotiating a large direct purchase of wheat outside of Monday’s tender.
Sep 24 CBOT Wheat is at $5.31 1/4, down 5 1/2 cents,
Dec 24 CBOT Wheat is at $5.54 3/4, down 5 cents,
Sep 24 KCBT Wheat is at $5.49 3/4, up 1 1/2 cents,
Dec 24 KCBT Wheat is at $5.64, up 1/2 cent,
Sep 24 MGEX Wheat is at $5.95 1/4, up 3 cents,
Dec 24 MGEX Wheat is at $6.13 1/2, up 1 1/2 cents
Source Link : https://www.barchart.com/story/news/27995721/wheat-posting-mixed-trade-on-tuesday
