Wheat Jul '24 (ZWN24)

The wheat market saw higher trade across all three markets to close out Tuesday. Chicago SRW futures were 12 to 14 cents higher on Tuesday. Kansas City HRW contracts posted 11 to 12 cent gains on the session. Minneapolis spring wheat futures were 8 to 9 cents in the green at the close.

The weekly crop progress update from USDA showed the winter wheat harvest at 10% complete as of Sunday, behind the 16% average. Condition ratings were at 52% good/excellent, down 2% from last week. That equates to a 7 point drop on the Brugler500 index, to 334 points. Much of the drop came from NE (-24), MT (-18), NC (-20), ID (-15), TX (-12), and KS (-5). Just MI, OH, and OK were reported as improving. The spring wheat crop ratings were up 4 percent to 57% good to excellent. That was a 5 point improvement on the Brugler500 index to 353. Ratings in ND were up 12 points, with SD up 7. The rest of the reported states were lower, with ID down 13 and MN 12 lower. 

The French soft wheat harvest... Read more