Wheat Futures Market News and Commentary
The wheat complex is showing marginal gains in most contracts on Tuesday. CBT is fractionally to 2 cents higher, with KC steady to up 2 ¼ cents. MPLS spring wheat is the leader to the upside, 4 to 8 cents higher.
USDA’s NASS tallied the US winter wheat harvest at 86% complete as of 8/7, 5% below normal. Much of the lag is in the northwestern states, with WA 30% below normal, ID 27% behind, and OR 14% below the average. The spring wheat harvest was reported at 9% done, lagging the average pace by 10%. ND, normally 13% harvested by Sunday, was still at 0% harvested. Crop ratings of the spring wheat crop were at 64% gd/ex, a drop of 6% on the week. Translated to the Brugler500 index, the spring wheat crop rating was down 8 points to 364. Each of the six states had deteriorating conditions, led by a 27 point drop in SD, with MN down 9 and ND 6 points lower.
Ahead of Friday’s USDA reports, analysts estimate new crop wheat ending stocks increasing 11 mbu to 650 mbu. The rang... Read more