The wheat complex is falling lower at Tuesday’s midday, with contracts down double digits in some cases. Chicago SRW futures are down 6 to 7 cents in the front months. Kansas City HRW contracts are 9 to 10 cents in the red so far on the day. MPLS spring wheat is 4 to 5 cents in the red.
In fresh rounds of negotiations trying to reach a ceasefire, Russia and Ukraine have both agreed to ensure safe navigation in the Black Sea, similar to the previous Black Sea Grain Initiative, and to ban attacks on energy facilities.
Individual state Crop Progress reports showed KS winter wheat rated 49% gd/ex, up 1%, with a Brugler500 index up 3 points to 334. Ratings in TX were up 3% at 31% gd/ex and 5 points higher on the Brugler500 at 288.
SovEcon trimmed their 2024/25 Russian wheat export projection by 1.5 MMT to 40.7 MMT. They also increased their 2025/26 export forecast by 0.2 to 39.1 MMT. EU soft wheat export since July 1 have totaled 15.46 MMT, vs. the 23.75 MMT in the same period last year according to European Commission data.
May 25 CBOT Wheat is at $5.42 1/4, down 6 cents,
Jul 25 CBOT Wheat is at $5.58 3/4, down 6 1/2 cents,
May 25 KCBT Wheat is at $5.68 1/4, down 9 3/4 cents,
Jul 25 KCBT Wheat is at $5.84, down 9 cents,
May 25 MGEX Wheat is at $5.87 3/4, down 4 1/2 cents,
Jul 25 MGEX Wheat is at $6.04 3/4, down 4 1/2 cents,
On the date of publication, Austin Schroeder 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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