The wheat complex is trading with double digit midday losses on Wednesday. Chicago contracts are down 10 to 12 cents in the front months. Midday losses in the Kansas City exchange are 13 to 16 cents. MPLS futures are 13 to 15 cents lower on the session.
The NASS Crop Progress report showed the winter wheat crop 77% headed, 8% ahead of the average pace. Condition ratings were tallied at 48% gd/ex, down 1%, with the all-inclusive Brugler500 index down 2 to 331. A breakdown but crop shows an average of 328 for the HRW crop, down 3 points, with the SRW dropping 6 points to 375, while white wheat regions were up 2 points to 350. Spring wheat was 88% planted, 7% above normal, with emergence at 61%, 9% faster than average. Each of the states were above average on planting.
India is expected to lift the 40% wheat import tax this year to help alleviate higher prices and sure up drawdown reserves.
Jul 24 CBOT Wheat  is at $6.89, down 11 1/4 cents,
Sep 24 CBOT Wheat  is at $7.09 3/4, down 10 3/4 cents,
Jul 24 KCBT Wheat  is at $7.15 3/4, down 15 1/2 cents,
Sep 24 KCBT Wheat  is at $7.29, down 15 3/4 cents,
Jul 24 MGEX Wheat  is at $7.47, down 10 1/2 cents,
Sep 24 MGEX Wheat  is at $7.56 1/4, down 10 1/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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