Wheat Holding onto Tuesday Gains as Crop Conditions Drop

The wheat market is trading with contracts mostly higher at midday on Tuesday. Chicago SRW futures are 5 to 6 cents higher at midday. KC HRW futures are up 4 to 5 cents so far on the day. MPLS spring wheat is showing fractionally mixed action at midday.

Crop Progress data showed the US spring wheat crop at 73% planted, now 7 percentage points ahead of the 5-year average pace of 66%. Montana and Washington were the only state to be reported below normal planting pace. Emergence was pegged at 39%.

The winter wheat crop was at 71% headed, which was 13 percentage points head of normal. Condition ratings were down 1% to 27% gd/ex. The Brugler500 index was down 6 points to 271. Conditions in KS and CO were down 12 points, with MS dropping 8 points and TX down 11 points, as an average of the major HRW states were down another 7 points to 220. The average of major SRW states was up 1 point to 359 on the Brugerl500 index, as white wheat states saw a 1 point increase to 383.

Rains are expected across much of the Southern Plains in the next week, though it is too late for much of the crop. It will likely also delay any early harvest progress.

Jul 26 CBOT Wheat  is at $6.69 3/4, up 5 1/4 cents,

Sep 26 CBOT Wheat  is at $6.82 3/4, up 5 cents,

Jul 26 KCBT Wheat  is at $7.08, up 4 1/4 cents,

Sep 26 KCBT Wheat  is at $7.18 1/4, up 4 1/2 cents,

Jul 26 MIAX Wheat  is at $7.03, down 1/4 cent,

Sep 26 MIAX Wheat  is at $7.24 1/2, up 1/2 cent,