Wheat Posting Strength Early on Wednesday

Wheat is showing double digit gains in the winter wheat contracts so far on Wednesday morning. The wheat complex posted mixed trade on Tuesday, as the soft red and hard red spreads were unwinding. Chicago SRW contracts were 3 ½ to 6 ¼ cents in the green at the close. Open interest was dropped 6,860 contracts implying shorts were covering. KC HRW futures were steady to down 6 ¼ cents on the day. Open interest slipped back 6,973 contracts. MPLS spring wheat posted Tuesday session losses of 1 ¾ to 4 ¾ cents.

NASS Crop Progress data showed the US winter wheat harvest was pegged at 25%, faster than the 13% average pace. Conditions were up 2% to 27% gd/ex, with the Brugler500 index 4 points higher to 267.  An average of the main 5 HRW states was up 2 points to 213, with SRW states averaging a 357 rating, down 5 points. The main white wheat states slipped 6 points to 367.

The spring wheat crop was 6% headed, 1 percentage point ahead of normal. Spring wheat conditions were 55% gd/ex, up 3%, with the Brugler500 rising 2 points to 352. Improvement was noted in MN (+14)< MN (+4), and ID (+3), with the other states showing weaker conditions, led by a 4 point drop in ND.

The EU wheat exports from July 1 to June 14 have totaled 22.38 MMT according to European Commission data, up 1.44 MMT from the same period a year ago. The FranceAgriMer estimates the French wheat ending stocks at 3.5 MMT, a 0.22 MMT increase from the May estimate. 

Jul 26 CBOT Wheat  closed at $5.96, up 6 1/4 cents, currently up 11 3/4 cents

Sep 26 CBOT Wheat  closed at $6.04 1/4, up 3 3/4 cents, currently up 11 1/2 cents

Jul 26 KCBT Wheat  closed at $6.33 3/4, down 6 1/4 cents, currently up 10 1/2 cents

Sep 26 KCBT Wheat  closed at $6.41, down 4 1/4 cents, currently up 10 3/4 cents

Jul 26 MIAX Wheat  closed at $6.12 1/4, down 3 3/4 cents, currently up 7 3/4 cents

Sep 26 MIAX Wheat  closed at $6.35, down 4 3/4 cents, currently up 7 3/4 cents