Turnaround Tuesday Led Wheat Higher

At the Tuesday close the winter wheat markets were up by double digits to a pullback in spring wheat. MPLS HRS closed fractionally higher to 6 3/4 cents lower in the front months. Front month SRW ended up by 14 1/4 to 18 1/2 cents. KC wheats closed with 9 1/2 to 11 1/2 cent gains. 

NASS Crop Progress data released Monday had spring wheat emergence at 98% as of 6/26. Only 8% of the crop was headed, compared to 34% on average. Spring wheat conditions were down by 5 points nationally to a 354 on the Brugler500 Index. For winter wheat, NASS showed conditions fell by 1 point on the Brugler500 Index to 268. NASS said the national winter wheat harvest was 41% complete. That was up from 25% last week and compares to 35% harvested on average.  

The 11th day of KS wheat harvest reporting offered insight in Southwestern Finney County, where yields were wide ranging from 5 to 50 bpa, depending on rains. Most crops averaged near 12% protein there. In Northern KS, Norton County reports had wheat on wheat fields in the 20-30 bpa range with crops grown on summer fallow in the upper 60s. Proteins were near 13% consistently. Russell County reports from Central KS noted widespread hail damage but still 40-60 bpa yields. That was above last years area average. 

The EU’s MARS estimated Russia’s wheat crop at 88.8 MMT citing favorable weather and timely rain fall. They also had Kazakhstan at 14.2 MMT which would be a 28.2% boost yr/yr. Wheat harvest in France was marked at 2% complete, starting just a bit sooner than last year. France AgriMer reported conditions as 64% good/ex as of 6/20. That is down 1% from the week prior. 

Egypt’s GASC issued an international wheat tender, with results expected on Wednesday. Expected deliveries are in August, September or October. 

Jul 22 CBOT Wheat  closed at $9.21 1/4, up 17 1/4 cents,

Cash SRW Wheat  was $8.65 1/1, up 17 3/4 cents,

Jul 22 KCBT Wheat  closed at $9.83 3/4, up 11 cents,

Cash HRW Wheat  was $9.36 1/8, up 11 1/4 cents,

Jul 22 MGEX Wheat  closed at $10.34 3/4, down 6 3/4 cents,

Sep 22 MGEX Wheat  closed at $10.40 3/4, down 3 3/4 cents,