Wheat Market Sees Mixed Trade Amid Slow Planting Pace
The wheat market posted mixed trade on Tuesday, with some contracts showing gains and others declining. Chicago SRW futures were up fractionally to 4 cents in the front months, while deferred contracts fell by 1 ¼ to 6 ½ cents. Meanwhile, Kansas City HRW futures gained 1 ¼ to 3 ¾ cents at the close.
The latest crop progress report from NASS showed that 27% of winter wheat had been planted as of Sunday, which is 7 percentage points behind the 5-year average for planting pace. Emergence was reported at 8%.
On Wednesday, NASS will release its quarterly Grain Stocks data, which is expected to show a drop in September 1 wheat stocks to 1.857 billion bushels, down from 2.134 billion bushels a year ago. This would be the lowest level since 2016-17.
A South Korean importer has tendered for 100,000 MT of US wheat with a Wednesday deadline. EU wheat exports have also been strong, totaling 6.81 MMT from July 1 to September 27, up 0.02 MMT from last year. Wheat stocks in the EU are estimated to be up 0.1 MMT to 11.4 MMT.