Hard Red Winter Wheat Cash (KEY00)

Wheat is trading with early Wednesday weakness. The wheat complex was back in rally mode with gains across the three markets on Tuesday. Chicago SRW futures were 5 to 8 cents higher on the session. Open interest was down 4,723 contracts on Tuesday. KC HRW futures saw 7 ½ to 9 ¾ cent gains on the day. MPLS spring wheat was up 3 to 11 1/2 cents in the front months on Tuesday.

Crop Progress data showed the US spring wheat at 12% planted, matching the normal pace from the last 5 years. Emergence was pegged at 2%. 

The winter wheat crop was at 20% headed, which was 8 percentage points head of normal. Condition ratings dropped 4 percentage points to 30% gd/ex, with the Brugler500 index down 5 points to 290. An average of the main HRW states was rated at 253 on the Brugler500 index, the lowest since 2023, with SRW at 353. Kansas ratings were down another 20 points, with TX down 2 and CO dropping 7. 

SovEcon estimates the Russian wheat crop at 89.7 MMT, a 2.1 MMT increase... Read more