Wheat Market Partially Offsets Monday Losses

After closing with double digit losses on Monday, wheat futures are 1 to 4 cents higher this morning. Yesterday, KC HRW pulled back the most dropping 2.63% to 3.12%. CBT futures were down 1.45% to 2.02% on the day. MPLS HRS futures ended the session 1.22% to 2.16% lower. Winter wheat planting was 85% complete as of 10/25 according to NASS’s Crop Progress report. That is up 5% from the average pace. SD planting was reported as complete, and KS had just 8% remaining. NASS says 62% of the crop was emerged, which is 2% ahead of average. KS emergence was reported at 70%. Initial winter wheat condition ratings were reported at 41% good/ex for a Brugler500 score of 322. Trade ideas had been running 45 to 48% g/x. USDA said 363,806 MT of wheat was exported on the week ending 10/22. That was up from 241k MT LW but down 179k MT from the same week LY. Accumulated wheat exports are running 4% ahead of 19/20’s pace with 11.043 MMT shipped so far.

--- provided by Brugler Marketing & Management

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