The wheat complex found late session strength on Tuesday. Chicago SRW contracts were 3 ¼ to 7 ¼ cents in the green on the day. KC HRW futures were 1 ¼ to 4 ¾ cents higher at the close. MPLS spring wheat was up 1 ¼ to 4 ½ cents in most contracts, as nearby July was 11 ½ cents higher.
NASS Crop Progress data showed 59% of the US winter wheat crop harvested by Sunday, 8% ahead of normal. Conditions were steady at 26% gd/ex, with the Brugler500 index up 1 point to 262. That was the final rating for the crop. The average of the major HRW states was at 209, with SRW states at 360.
The spring wheat crop was 54% headed, in line with the 5-year average pace. Spring wheat conditions were 57% gd/ex, down 2%, with the Brugler500 index 1 point lower to 354. Ratings in MT were up 16 points, with SD up 2. Deterioration was seen in ID (-11), ND (-13), and MN (-6).
Monthly trade data from Census showed 1.609 MMT (59.13 mbu) of wheat in May, which was 13.73% below April and a 26.7% drop from last year. Full marketing year exports, including products were 912 mbu.
Jul 26 CBOT Wheat closed at $6.09 1/4, up 3 1/4 cents,
Sep 26 CBOT Wheat closed at $6.18 1/2, up 4 1/2 cents,
Jul 26 KCBT Wheat closed at $6.39 3/4, up 1 1/4 cents,
Sep 26 KCBT Wheat closed at $6.52 3/4, up 3 cents,
Jul 26 MIAX Wheat closed at $6.03, up 11 1/2 cents,
Sep 26 MIAX Wheat closed at $6.33, up 3 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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