Wheat Markets Extending Gains

Midday wheat prices are trading higher so far with gains of as much as 10 cents across the lead months. Early trade had set up for a turnaround Tuesday, but March SRW is 20 cents off its low so far.

Crop Progress data from Kansas had statewide winter wheat conditions in KS as 21% good/ex for a 256 on the Brugler500 Index. That was up from their prior 249 reading. In TX, conditions fell on the Brugler500 index from 252 to 237, despite the good/ex score increasing 3 points to 14%. IL issued their statewide summary, with winter wheat conditions (SRW) converting to a 376 on the Brugler500 Index. The NWS 6-10 and 8-14 day forecasts have above normal odds for precip in the HRW and SRW growing areas. Snow is helpful, rain adds up faster but will run off if the ground is still frozen underneath.

Jordan is on the market for 120k MT of wheat. The Joint Coordination Centre tracking Ukraine’s exports showed that 19 MMT of grain has been exported since the corridor deal was agreed.

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.