Wheat futures attempted to turnaround early in Tuesday action, but are trading closer to the session lows at midday. CBT prices are down 3 to 4 cents. KC HRW is trading with 2 ½ to 4 cent losses. MGE spring wheat prices are down by as much as 11 cents at midday.
Areas in Europe are struggling to get the wheat crop out citing nearly daily rainfall since late July. According to the EU Monitoring Agricultural Resources unit, France, Germany, and Benelux are the most impacted on prolonged and stalled harvest. Quality concerns and Fungal issues are being monitored.
The 23/24 winter wheat harvest advanced another 4% points on the week to 96% finished. The spring wheat harvest advanced 15% points through the week to 39% finished. That is still 7% points behind the average pace. Spring wheat condition ratings lost 4% from Good to Poor +3 and Fair +1. The Brugler500 reading was 314 nationally, down 7 points for the week to the lowest of the growing season.
Sep 23 CBOT Wheat is at $5.97, down 2 1/4 cents,
Dec 23 CBOT Wheat is at $6.23 1/4, down 2 1/4 cents,
Cash SRW Wheat is at $5.29 3/8, down 2 1/2 cents,
Sep 23 KCBT Wheat is at $7.38 1/4, down 2 3/4 cents,
Cash HRW Wheat is at $6.76, down 2 3/4 cents,
Sep 23 MGEX Wheat is at $7.71 3/4, down 10 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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