Wheat is higher across most contracts so far on Tuesday Wednesday. The wheat complex posted mixed action on Tuesday. Chicago SRW were up ½ to 2 cents in the front months on Tuesday, with other contracts down ¼ to 1 ½ cents. Open interest was down 7,779 contracts on Tuesday. KC HRW futures saw fractional to 1 ½ cent gains across the board on Tuesday. OI was down 5,713 contracts. MPLS spring wheat closed with losses of ¾ to 2 cents.
NASS Crop Progress data showed that 92% of the US winter wheat crop was headed by Sunday, 7% ahead of normal, and harvest was pegged at 11%, faster than the average pace. Conditions declined 1% to 25% good/excellent, with the Brugler500 index falling to 263. The average Brugler500 for the five HRW states was 362.
The spring wheat crop was 98% planted, 3% ahead of normal, with emergence at 87% and 7% faster than average. Spring wheat conditions were 52% good/excellent, up 5%, and the Brugler500 rose 7 points to 350. Only Washington state showed deterioration, declining 3 points, while Montana increased 13 points and Minnesota rose 9 points.
Harvest may be limited in much of the Southern Plains over the next week, as NOAA forecasts 1 to 3 inches of precipitation expected in Texas, Oklahoma, and Kansas.
Wheat production will be updated on Thursday via the monthly Crop Production report, with analysts estimated by Bloomberg to project US wheat production at 1.555 billion bushels. Winter heat estimates average 1.04 billion bushels, which would represent an 8 million bushel reduction if realized. HRW is expected to decline 7 million bushels to 508 million bushels, while SRW is projected to increase 1 million bushel to 302 million bushels.
The European Commission estimates EU wheat exports from July 1 to June 7 at 22.05 million metric tons, 1.53 million metric tons above the same period last year.
Jul 26 CBOT Wheat closed at $5.85¼, up 2 cents, currently up 9¼ cents.
Sep 26 CBOT Wheat closed at $5.96¾, up 1 cent, currently up 9¼ cents.
Jul 26 KCBT Wheat closed at $6.30¾, up 1 cent, currently up 6¼ cents.
Sep 26 KCBT Wheat closed at $6.40¼, up ½ cent, currently up 5¾ cents.
Jul 26 MIAX Wheat closed at $6.18½, down 2 cents, currently up 5¾ cents.
Sep 26 MIAX Wheat closed at $6.43¼, down 1¾ cents, currently up 7 cents.
Also Read
- G7 Allies Forge Binding Rare Earth Price Floors to Counter China’s Monopoly
- New Solo Release: MINHYUK’s “Reaching” Delivers a Heartfelt Ode to Love
- James Burrows, legendary director of Cheers and Friends, dies aged 85
- What Does an Opendoor Director’s Sale of 40,000 Company Shares Mean for Investors?
