The wheat complex is showing strength on Tuesday with contracts higher at midday. Chicago SRW futures are up 5 to 6 cents so far on the Tuesday session. KC HRW futures are 7 to 8 cents higher so far at midday. MPLS spring wheat is 6 to 8 cents in the green. Crude oil is up $5.01 on Tuesday.
The Kansas Crop Progress report showed winter wheat conditions down 6% to 46% good/excellent, with the Brugler500 index down 11 points to 328.
The next week looks on the drier side for much of the Plains and HRW country, with a few spots in SRW country looking at a wetter pattern in parts of the Eastern Corn Belt.
European Commission data showed 17.14 MMT in wheat exports from July 1 to March 22, up from the 16.13 MMT in the same period last year. SovEcon estimates the Russian wheat exports at 46.5 MMT for the current marketing year, up 1.1 MMT from the previous number.
May 26 CBOT Wheat is at $5.93 1/2, up 5 3/4 cents,
Jul 26 CBOT Wheat is at $6.05 1/2, up 5 1/2 cents,
May 26 KCBT Wheat is at $6.10 3/4, up 7 1/2 cents,
Jul 26 KCBT Wheat is at $6.26, up 7 3/4 cents,
May 26 MIAX Wheat is at $6.34 1/4, up 7 1/4 cents,
Jul 26 MIAX Wheat is at $6.48 1/4, up 6 3/4 cents,
On the date of publication, Austin Schroeder 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.
