The wheat market experienced modest volatility on Tuesday, with the calculator‑based trading system striving for equilibrium. Chicago SRW futures were mixed: front‑month contracts edged up by 2½ cents, while deferred contracts fell 3¾ cents. Kansas City HRW futures declined 2¾ cents to 7¾ cents, and 2025 Milwaukee spring wheat settled 1¼ cents lower.
Weekly USDA NASS crop‑progress data showed that 81 % of the U.S. winter wheat crop had been harvested by Sunday—2 percentage points ahead of normal. The spring wheat crop was 92 % headed, slightly below the five‑year average pace, and 2 % of the crop had been harvested. Conditions for spring wheat remain steady at 53 % in good/dry years. The Brugler 500 index fell three points to 342. Improvement was noted in Montana (+36), Washington (+6), and Idaho (steady), while deterioration was observed in Minnesota (−3), North Dakota (−17) and South Dakota excerpt (−33).
SovEcon estimates Russian wheat exports at 44.6 MMT, a drop of 1.9 MMT from the preceding estimate. European Commission data project EU soft wheat exports during July 1‑26 at 0.57 MMT, down 0.89 MMT from the same period last year.