Wheat Futures Sustain Gains into Tuesday Morning

Wheat futures are extending their gains into Tuesday morning, building on the momentum from the previous session. Chicago Soft Red Winter (SRW) wheat contracts closed Monday with gains ranging from 5 ½ to 9 ½ cents. Open interest in these contracts saw a slight decline of 460 contracts.

Hard Red Winter (HRW) wheat futures in Kansas City (KC) also showed positive movement, closing 4 to 7 cents higher on Monday. Open interest for HRW futures increased modestly by 326 contracts. Meanwhile, Minneapolis (MPLS) spring wheat futures registered gains of 7 ½ to 10 ½ cents.

The latest Weekly Crop Progress data from the National Agricultural Statistics Service (NASS) revealed that 36% of the winter wheat crop had been planted as of Sunday. This planting pace lags behind the 5-year average by 10 percentage points. Emergence of the winter wheat crop stood at 16%.