The wheat complex is under pressure across the three markets on Tuesday, with spring wheat contracts at the forefront of the decline. Chicago SRW contracts fell 6 to 8¼ cents midday, while Kansas City HRW futures posted 10 to 12 cent losses across the front months. Minneapolis Spring wheat slipped 20 to 23¾ cents.
According to NASS Crop Progress data, 40% of the U.S. winter wheat crop had been harvested by Sunday, which is 16% ahead of the normal pace. Overall crop conditions declined by 1% to 26% of the rated crop classified as good to excellent, with the Brugler500 index down 3 points to 264. Among the major hard red winter wheat states, the average index dropped 2 points to 211, while soft red winter wheat (SRW) rose 2 points to 359, and the average for white wheat states fell 15 points to 352 for the week.
The spring wheat crop was 16% headed, matching the 5‑year average pace. Spring wheat conditions were 54% good to excellent, down 1%, with the Brugler500 index slipping 1 point to 351. Deterioration was observed in Washington (‑9), North Dakota (‑4), Idaho (‑4) and Minnesota (‑1); however, conditions improved in Montana (+9) and South Dakota (+3).
Commitment of Traders data indicated that managed money reduced its net long position in the Chicago market by 9,786 contracts, shifting the net short to 69,531 contracts. In the Kansas City wheat market, speculators reversed to a net long of 7,620 contracts, increasing their long position by 12,163 contracts.
S&P Global estimates the Russian wheat harvest for the 2026/27 marketing year at 88.9 million metric tons, a decline of 1.4 million metric tons from the previous estimate.
July 26 CBOT Wheat futures were at $5.89¼, down 8¼ cents,
September 26 CBOT Wheat futures were at $5.99¾, down 7¾ cents,
July 26 KCBT Wheat futures were at $6.21¾, down 11¾ cents,
September 26 KCBT Wheat futures were at $6.28½, down 11½ cents,
July 26 MIAX Wheat futures were at $5.89, down 23¾ cents,
September 26 MIAX Wheat futures were at $6.17, down 21½ cents,
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