Wheat (P) Futures PricesWed, Dec 31st, 1969
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Wheat futures closed the Turnaround Tuesday trade 12 to 14 cents higher in CHI and KC, and around 8 cents higher in MPLS. The USDA Crop Progress report shows 64% of the intended crop is planted, down 2 points from the 5 year average, and down one point from the average trade guess. The crop is 33% emerged, down 3 points from average. The weekly Export Inspections report showed only 290,717 MT of wheat. This was a reduction of 48% from the week before. YTD inspections are 17% smaller, as US wheat prices are overpriced in comparison to other global exporters and specifically to the Black Sea region. According to Reuters, soil moisture levels in wheat growing areas in the Ukraine are 20% below the 20 year average, after being 11% below the average in Sept. 2014.
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