Wheat Weaker on Tuesday

Wheat futures are trading lower with the rest of the grains this morning. Chicago SRW contracts are leading the way, with losses of 16 to 17 ½ cents. KC is down 12 ½ to 14 cents, with MPLS 9 ¼ to 12 ½ cents lower.   

Crop Progress data showed the winter wheat crop rounding out the end of harvest, with 90% complete, 4% below normal. The PWN region behind, with ID 41% below normal, WA down 29% and MN and OR both lagging. Spring wheat was tallied at 16% harvested, up just 7% on the week and 19% below the 5-year average pace. All but SD were behind the 5-year average pace, with ND just 5% harvested. Condition ratings of the spring crop were unch at 64% gd/ex, with the Brugler500 index steady at 364. Ratings in SD were down 6 points, with ND steady and MN up 3.

SovEcon increased their Russian wheat production projection by 3.8MMT to 94.7 MMT, citing record yields.

Sep 22 CBOT Wheat  is at $7.83 1/2, down 17 1/4 cents,

Dec 22 CBOT Wheat  is at $8.00 1/4, down 17 1/2 cents,

Cash SRW Wheat  is at $7.30 1/2, down 17 1/4 cents,

Sep 22 KCBT Wheat  is at $8.69 3/4, down 13 cents,

Cash HRW Wheat  is at $8.24 3/4, down 13 cents,

Sep 22 MGEX Wheat  is at $9.00 1/4, down 10 1/2 cents,