Wheat Leads Bull Charge For Second Day In a Row
The wheat complex continued this week’s rally on Tuesday. Chicago contracts were up 8 to 15 ¼ cents on the day. Kansas City posted gains of 8 ½ to 11 ¾ cents at the close. MPLS was 6 ¼ to 10 ¾ cents higher across most contracts.
NASS reported condition ratings averaged in the major HRW states down 9 points to 336, with SRW states averaging a 3 point increase to 383 on the Brugler500 Index. KS specifically took a hit, down 18 points, with OK 16 points lower and TX down 7. A major increase was seen in SD, up 11 points, with IL 9 points higher. For the spring wheat, planting pace in MN was 18% complete by Sunday, 15% faster than normal, with ND reported at 7% vs. the 5% average. The only of the major 6 states to lag was MT, 3% back of the 5-year average.
Taiwan is tendering for 106,675 MT of US wheat, with the offers due on Thursday. Algeria is seeking 50,000 MT of durum wheat.
May 24 CBOT Wheat closed at $5.85, up 14 3/4 cents,
Jul 24 CBOT Wheat closed at $6.02 3/4, up 15 1/4 cents,
May 24 KCBT Wheat closed at $6.08 3/4, up 11 1/4 cents,
Jul 24 KCBT Wheat closed at $6.14 1/4, up 11 3/4 cents,
Jul 24 MGEX Wheat closed at $6.72 1/4, up 9 1/2 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.
