Wheat Futures Off Lows

The turnaround Tuesday losses stalled as the market is bouncing back into midday. Chicago wheat prices are down 2 to 3 cents at midday off the day’s lows by ~18 cents. KC HRW wheat futures are still down 5 1/4 to 7 3/4 cents, but prices are up double digits from the early session low prints. Spring wheat is trading 9 1/2 to 12 cents lower at midday. 

Egypt canceled their tender for Western Hemisphere wheat, after avoiding EU and the Black Sea. 

Crop Progress data had winter wheat harvest as 70% complete. That was up 7% points from last week and 1% point under the average pace. NASS showed the spring wheat crop was 68% headed as of 7/17. That was up from 44% last week but trails the 90% average. Conditions were 71% good/ex and just 6% poor/VP for a Brugler500 score of 374. That was up 3 points compared to last week, 

Sep 22 CBOT Wheat  is at $8.08 3/4, down 4 cents,

Dec 22 CBOT Wheat  is at $8.25 1/4, down 4 1/4 cents,

Cash SRW Wheat  is at $7.48 3/8, down 4 cents,

Sep 22 KCBT Wheat  is at $8.66 3/4, down 7 1/4 cents,

Cash HRW Wheat  is at $8.15 1/2, down 7 1/4 cents,

Sep 22 MGEX Wheat  is at $9.27 3/4, down 11 1/4 cents,