Wheat Jul '22 (ZWN22)
Wheat Futures Market News and Commentary
The wheat complex is back to steadier trade on Tuesday, with contracts trying to post strength. Â Chicago SRW contracts are fractionally to a penny higher at midday. KC HRW futures are down 2 to 3 cents at midday. MPLS spring wheat are steady to fractionally lower across most contracts on Tuesday.
Weekly NASS Crop Progress data showed 81% of the US winter wheat crop harvested by Sunday, 2% ahead of normal. The spring wheat crop was 92% headed, 1% behind the 5-year average pace, with 2% of the crop harvested. Spring wheat conditions were steady at 53% gd/ex, with the Brugler500 index another 3 points lower to 342. Improvement was noted in MT (+36), with WA up 6 and ID steady. Deterioration was seen in MN (-3), ND (-17) and SD (-33).
SovEcon estimates the Russian wheat export total at 44.6 MMT, a 1.9 MMT drop from the previous number. EU soft wheat exports for much of the month of July (1-26) are seen at 0.57 MMT according to European Commission data, down 0.89 MMT from the... Read more
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