To start the week wheat opened the session mixed with Chicago higher while Mpls and KC started the day off on the lower side. By the end of the night all three wheat exchanges were trading in the red with early selling tied to expectations that this afternoon’s Crop Progress report will show improving conditions. Light selling also came from reports that Iran is looking to make a deal in exchange for a full cease fire. Light selling was also tied to the realization that even with the conflict in the Middle East, the fighting has not disrupted vessel traffic. Losses were kept in check by weather forecasts that are still calling for rain for the Southern Plains.
Wheat opened Tuesday’s session mixed with Mpls and Chicago lower while KC started off higher. By the end of the night session Chicago had firmed and was trading with gains while Mpls remained in the red. Early activity was centered on position squaring after Monday afternoon’s Crop Progress report, which showed a declining winter wheat crop but an improving spring wheat crop. Slower than expected harvest activity in the Southern Plains added support. Weather forecasts continue to call for harvest delays as rain is expected to remain in the forecast for the short term.
Mpls was under pressure from improving conditions and from weather forecasts calling for warmer drier conditions in the 1-to-5-day forecast. By midsession buyers hit the winter wheat exchanges pushing KC and Chicago to post double digit gains, which in turn helped Mpls recover. World logistics concerns added support as the wars in the Middle East and Black Sea region do not seem to be slowing down.
On Wednesday wheat opened the session mixed with Mpls and KC lower while Chicago was higher. It did not take long for all three wheat exchanges to get lock step with each other and rally to post small gains by the end of the night. Gains were accelerated once the day session started with early support coming from rain in the Southern Plains, which continues to slow down harvest and increase quality concerns. Light support came from tensions in the Middle East as Israel and Iran continue to escalate tension and as now is staring to drag the US military in. Forecasts are calling for hot dry conditions for a majority of the Plains and Corn Belt over the next week, which should result in harvest progress in the south, and hopefully some growing degree days for the north.
Target $6.65 to advance sales.
For the week, July Mpls were at $6.3875 up 4.5 cents, July CME MW was at $6.29 down 5.5 cents, July Chicago was at $5.6775 up 24.0 cents, July KC was at $5.6325 up 22.5 cents.
Wheat Weekly Comments June 20
Wheat Weekly Comments June 20
To start the week wheat opened the session mixed with Chicago higher while Mpls and KC started the day off on the lower side. By the end of the night all three wheat exchanges were trading in the red with early selling tied to expectations that this afternoon’s Crop Progress report will show improving conditions. Light selling also came from reports that Iran is looking to make a deal in exchange for a full cease fire. Light selling was also tied to the realization that even with the conflict in the Middle East, the fighting has not disrupted vessel traffic. Losses were kept in check by weather forecasts that are still calling for rain for the Southern Plains.
Wheat opened Tuesday’s session mixed with Mpls and Chicago lower while KC started off higher. By the end of the night session Chicago had firmed and was trading with gains while Mpls remained in the red. Early activity was centered on position squaring after Monday afternoon’s Crop Progress report, which showed a declining winter wheat crop but an improving spring wheat crop. Slower than expected harvest activity in the Southern Plains added support. Weather forecasts continue to call for harvest delays as rain is expected to remain in the forecast for the short term.
Mpls was under pressure from improving conditions and from weather forecasts calling for warmer drier conditions in the 1-to-5-day forecast. By midsession buyers hit the winter wheat exchanges pushing KC and Chicago to post double digit gains, which in turn helped Mpls recover. World logistics concerns added support as the wars in the Middle East and Black Sea region do not seem to be slowing down.
On Wednesday wheat opened the session mixed with Mpls and KC lower while Chicago was higher. It did not take long for all three wheat exchanges to get lock step with each other and rally to post small gains by the end of the night. Gains were accelerated once the day session started with early support coming from rain in the Southern Plains, which continues to slow down harvest and increase quality concerns. Light support came from tensions in the Middle East as Israel and Iran continue to escalate tension and as now is staring to drag the US military in. Forecasts are calling for hot dry conditions for a majority of the Plains and Corn Belt over the next week, which should result in harvest progress in the south, and hopefully some growing degree days for the north.
Target $6.65 to advance sales.
For the week, July Mpls were at $6.3875 up 4.5 cents, July CME MW was at $6.29 down 5.5 cents, July Chicago was at $5.6775 up 24.0 cents, July KC was at $5.6325 up 22.5 cents.