Wheat Trades Rejected Turnaround Tuesday
Futures were down initially to follow the sharp gains on Monday, but staged a late session rally to close mixed on the day. CBT SRW futures were another 1 1/2 to 4 1/2 cents higher at the close. Sep SRW saw a 40c range on the day +/- 20. KC HRW ended the day mixed with fractional gains to 5 3/4 cent losses. Spring wheat futures also closed within a nickel of UNCH on Tuesday.
Ukraine’s UkrAgroConsult estimates the max monthly shipment capabilities at 5 MMT for Ukrainian grain under the current circumstances.
NASS reported winter wheat harvest is complete in AR, MO, OK, and TX as of 7/23. The national crop was 68% harvested compared to 77% average, with KS 11% points behind their average at 87% finished. The spring wheat crop was 94% headed, 1ppt ahead of average. Spring wheat conditions were 4 points worse on the Brugler500 point scale compared to last week.
Dec 23 CBOT Wheat closed at $7.80 3/4, up 3 1/4 cents,
Cash SRW Wheat was $6.95 1/1, up 2 1/4 cents,
Sep 23 KCBT Wheat closed at $9.12 3/4, down 5 3/4 cents,
Cash HRW Wheat was $8.60 1/2, down 6 3/4 cents,
Sep 23 MGEX Wheat closed at $9.32, down 4 cents,
On the date of publication, Alan Brugler 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.
Source Link:https://www.barchart.com/story/news/18785583/triple-digit-rally-in-cotton
