The wheat complex faced some weakness on Tuesday, with CBT trying to hold up. Chicago SRW contracts were mixed, with front months fractionally to 2 ½ cents higher and deferreds steady to 3 ¾ cents lower. KC HRW futures were down 2 3/4 to 7 ¾ cents. MPLS spring wheat was 1 to 4 ¾ cents lower.
Weekly NASS Crop Progress data showed 81% of the US winter wheat crop harvested by Sunday, 2% ahead of normal. The spring wheat crop was 92% headed, 1% behind the 5-year average pace, with 2% of the crop harvested. Spring wheat conditions were steady at 53% gd/ex, with the Brugler500 index another 3 points lower to 342. Improvement was noted in MT (+36), with WA up 6 and ID steady. Deterioration was seen in MN (-3), ND (-17) and SD (-33).
SovEcon estimates the Russian wheat export total at 44.6 MMT, a 1.9 MMT drop from the previous number. EU soft wheat exports for much of the month of July (1-26) are seen at 0.57 MMT according to European Commission data, down 0.89 MMT from the same period last year.
Sep 26 CBOT Wheat closed at $6.62 1/2, up 2 1/2 cents,
Dec 26 CBOT Wheat closed at $6.79 3/4, up 2 1/4 cents,
Sep 26 KCBT Wheat closed at $7.26 1/4, down 2 3/4 cents,
Dec 26 KCBT Wheat closed at $7.42, down 3 1/2 cents,
Sep 26 MIAX Wheat closed at $7.03 1/2, down 3 3/4 cents,
Dec 26 MIAX Wheat closed at $7.25 1/4, down 3 1/4 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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