Wheat Slipping Back on Wednesday Morning

Wheat is trading with early weakness in most contracts on Wednesday morning. 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. Open interest suggested modest new buying, up 8,399 contracts. KC HRW futures were steady, with most contracts fractionally mixed. OI was rose 3,691 contracts.  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. 

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

Sep 26 CBOT Wheat  closed at $6.80 1/4, up 2 1/2 cents, currently down 2 3/4 cents

Jul 26 KCBT Wheat  closed at $7.03 3/4, unch, currently down 3 1/4 cents

Sep 26 KCBT Wheat  closed at $7.14, up 1/4 cent, currently down 3 1/2 cents

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

Sep 26 MIAX Wheat  closed at $7.18, down 6 cents, currently down 1/4 cents