Wheat Close Mixed on Tuesday

The wheat market was mixed at the Tuesday close, with Chicago contracts up and spring wheat lower. Chicago SRW futures were 2 ¼ to 3 ¾ cents higher at the close. KC HRW futures were steady, with most contracts fractionally mixed. MPLS spring wheat was down 4 to 6 ¾ cents on the day.

Crop Progress data showed the winter wheat crop 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.

A private Brazil Consultancy Veeries, expects the country’s soybean area to grow by the smallest total (400,000 hectares or 988,420 acres) in 20 years due to tight margins and higher fertilizer costs.

Jul 26 CBOT Wheat  closed at $6.67 1/4, up 2 3/4 cents,

Sep 26 CBOT Wheat  closed at $6.80 1/4, up 2 1/2 cents,

Jul 26 KCBT Wheat  closed at $7.03 3/4, unch,

Sep 26 KCBT Wheat  closed at $7.14, up 1/4 cent,

Jul 26 MIAX Wheat  closed at $6.97 1/2, down 6 3/4 cents,

Sep 26 MIAX Wheat  closed at $7.18, down 6 cents,