Wheat Still Pushing Higher on Tuesday
The wheat market extended gains on Tuesday, supported by escalating Black Sea tensions. Chicago SRW futures rose 5-6 cents, KC HRW gained 5-7 cents, and MPLS spring wheat added 4-6 cents. Ukraine’s ag ministry projects 2025 wheat output at 25 MMT, up 3 MMT from 2024. US winter wheat planting is 94% complete, with improved crop conditions reported.
The wheat complex is extending the recent strength and holding midday Tuesday gains, as escalating tensions in the Black Sea is giving some short covering opportunity. Chicago SRW futures are up 5 to 6 cents on the day. KC HRW contracts are posting gains of 5 to 7 cents on the session. MPLS spring wheat is up 4 to 6 cents.
After President Biden gave the greenlight to allow Ukraine to use US long range missiles inside of Russia over the weekend, Ukraine sent some US made ATACMS missiles into Russian border regions overnight.
The weekly Crop Progress report from NASS showed the US winter wheat crop at 94% planted as of 11/17, lagging the average by 2 percentage points, with emergence at 84% complete. Condition ratings of the crop were improving another 5% at 49% gd/ex, as the Brugler500 index was up 12 points to 338. The next 7 days does look to dry out in much of the Southern Plains, with parts of SRW country seeing very light totals.
Ukraine’s ag ministry expects to see the 2025 wheat crop up 0.4 million hectares (~1 million acres) from last year, with production expected at 25 MMT, a 3 MMT increase from their current 2024 crop projection. EU soft wheat exports have totaled 8.79 MMT since July 1 as of November 17, which is down 3.87 MMT from the same period last year.
Dec 24 CBOT Wheat is at $5.52 3/4, up 5 1/2 cents,
Mar 25 CBOT Wheat is at $5.70 3/4, up 5 cents,
Dec 24 KCBT Wheat is at $5.62 1/4, up 7 cents,
Mar 25 KCBT Wheat is at $5.73 3/4, up 6 3/4 cents,
Dec 24 MGEX Wheat is at $5.90 1/4, up 5 1/4 cents,
Mar 25 MGEX Wheat is at $6.08 3/4, up 4 1/2 cents.
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Source Link : Nasdaq
