Wheat Faces Mixed Trade

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,

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