Wheat is ticking slightly higher on Tuesday AM trade across the three exchanges. Futures saw gains across all three exchanges on Monday following some friendlier USDA data. Chicago SRW futures were up 2 ½ to 4 ¾ cents across the board. KC HRW contracts were up 3 to 7 cents on the day. MPLS spring wheat led the rally, with 9 ½ to 13 ½ cent gains.
The annual Small Grains Summary showed all wheat production at 1.971 bbu, which was down 11 from the August Crop Production report, and 5 mbu above estimates. Winter wheat production was down 12 mbu from August at 1.349 bbu, and in line with estimates. HRW was 770, slightly above the trade average but down 6 mbu from August, with SRW at 342 mbu, even with the trade and August, as white winter was at 236 mbu down 7 mbu from August. Spring wheat production was up 2 mbu vs. estimates and down 2 from August at 542 mbu. Durum was up 3 mbu from August at 80 mbu.
Quarterly Grain Stocks data showed 1.985 bbu of wheat in stocks as of September 1, 218 mbu above the same time last year, but down 7 mbu vs. the trade estimates.
Crop Progress data indicated that the winter wheat crop was 39% planted, with emergence at 14%, both 1% ahead of the average pace.
The weekly Export Inspections report indicated 536,929 MT (28.4 mbu) of wheat shipped in the week that ended on 9/26. That was slightly below the same week last year and down 25.7% from the previous week. That took the marketing year to date shipments to 8.23 MMT (302.6 mbu), which is 35.16% above the same time last year.
Dec 24 CBOT Wheat closed at $5.84, up 4 cents, currently up 1 1/4 cents
Mar 25 CBOT Wheat closed at $6.04 1/4, up 4 cents, currently up 1 1/4 cents
Dec 24 KCBT Wheat closed at $5.83 3/4, up 7 cents, currently up 1 3/4 cents
Mar 25 KCBT Wheat closed at $5.98 1/4, up 6 1/2 cents, currently up 1 1/2 cents
Dec 24 MGEX Wheat closed at $6.21 3/4, up 13 1/2 cents, currently up 2 cents
Mar 25 MGEX Wheat closed at $6.43 1/4, up 13 cents, currently up 2 1/4 cents
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