Wheat Pit Jul '12 (WN12)
Wheat (Pit) Futures Market News and Commentary
The wheat complex posted mixed action on Tuesday. Chicago SRW were up ½ to 2 cents in the front months on Tuesday, with other contracts down ¼ to 1 ½ cents. KC HRW futures saw fractional to 1 ½ cent gains across the board on Tuesday. MPLS spring wheat closed with losses of ¾ to 2 cents.
NASS Crop Progress data showed 92% of the US winter wheat crop headed by Sunday, 7% ahead of normal. Harvest was pegged at 11%, faster than the 6% average pace. Conditions were down 1% to 25% gd/ex, with the Brugler500 index down 6 to 263. An average of the 5 HRW states was 211, the lowest on record, with an average of SRW states at 362.
The spring wheat crop was 98% planted, 3% ahead of normal, with emergence at 87% and 7% faster than average. Spring wheat conditions were 52% gd/ex, up 5%, with the Brugler500 rising 7 points to 350. The only state to see deterioration was WA, down 3 points, with MT, up 13, and MN 9 points higher.
Harvest may be limited in much of the Southern Plain... Read more
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