Wheat Showing Higher Trade on Wednesday

Wheat is starting with a slight bounce in Wednesday morning. The wheat complex posted Tuesday losses across all three exchanges at the close. Chicago SRW futures were 1 ¼ to 5 3/4 cents lower at the close. Open interest was up 2,626 contracts on Tuesday. KC HRW futures were 5 3/4 to 12 1/4 cents in the red on the day. Long liquidation was noted, with open interest down 2,513 contracts.  MPLS spring wheat was down 7 to 15 cents on Tuesday.

NASS Crop Progress data tallied 87% of the US winter wheat crop as headed, 8% ahead of the average pace. Harvest was 5% complete, 2 percentage points faster than normal. Winter wheat conditions were steady at 26% good/excellent, with the Brugler500 index up 1 point to 269.  Ratings in OH were down 10, with TX dropping 9 points. Conditions in OK were up 9 points.

The spring wheat crop was 94% planted, with 72% emerged, both 5% above the normal pace. The first spring wheat rating of the year showed 47% of the crop in good/excellent condition, 3% below the same week last year. That was a 343 rating on the Brugler500 index, up 3 points from the same week last year. 

EU soft wheat exports from July 1 to May 31 have totaled 21.47 MMT, a 1.2 MMT increase yr/yr in the same period.

Jul 26 CBOT Wheat  closed at $6.03, down 5 3/4 cents, currently up 3 1/4 cents

Sep 26 CBOT Wheat  closed at $6.16 1/4, down 5 cents, currently up 3 1/4 cents

Jul 26 KCBT Wheat  closed at $6.34 3/4, down 12 1/4 cents, currently up 1 cent

Sep 26 KCBT Wheat  closed at $6.46 1/4, down 12 1/4 cents, currently up 1/2 cent

Jul 26 MIAX Wheat  closed at $6.37, down 15 cents, currently up 2 1/4 cents

Sep 26 MIAX Wheat  closed at $6.62 1/2, down 14 cents, currently up 4 cents