US Wheat Prices Climb Amid Diplomatic Efforts and Strong Crop Progress
The wheat complex is showing mostly higher trade on Tuesday, reversing early losses. Chicago SRW contracts are up by 1 to 2 cents on the session, while KC HRW futures are rising by 1 to 3 ½ cents across most front months. In contrast, MPLS spring wheat is experiencing fractionally mixed trade.
On Monday, Ukrainian President Zelensky announced a diplomatic track with Russia regarding the Black Sea attack. This week's NASS Crop Progress report revealed that 62% of the US spring wheat crop has been harvested by Sunday, marking a 10% jump ahead of the normal pace and a 21% increase on the week.
According to the report, conditions were down 1% at 51% good/ex, with the Brugler500 index back down 3 points to 341, this is the final rating for the crop. Ratings in North Dakota were down 10 points, while the remaining five states either saw increases or no change.
As of September 26, CBOT Wheat prices are at $6.83 ¾, up 2 cents, and Dec 26 CBOT Wheat is at $7.01, up 1 ½ cents. Sep 26 KCBT Wheat is at $7.54, up 3 ½ cents, while Dec 26 KCBT Wheat is at $7.69, up 1 ¾ cents.