Wheat Markets Trade Unevenly Amid USDA Reports and Global Activity

The wheat market is experiencing divergent trends on Tuesday, with CME Group’s CBT futures demonstrating positive momentum. Chicago Soft Red Winter (SRW) wheat contracts have risen by 5 to 8 cents, while Kansas City Hard Red Winter (HRW) futures have retreated 1 to 3.5 cents in front-month positions. Minneapolis St. Paul Spring Wheat shows modest gains of 1 to 2 cents midday.

United States Department of Agriculture (USDA) Crop Progress data indicates accelerated wheat harvest activity, with 95% of the winter wheat crop headed by Sunday—4 percentage points ahead of the seasonal average. Harvest progress reached 25%, surpassing the historical 13% pace. Field conditions improved to 27% good/excellent, receiving a 2% increase in favorable ratings, while the USDA’s Wheat Stocks report shows the Brugler Price Index climbing 4 points to 267.

The spring wheat crop continued rapid development at 95% emergence, outpacing the 89% average by 6 percentage points. Heading activity reached 6%, maintaining pace with normal rates. Spring wheat conditions strengthened to 55% good/excellent, reflecting a 3% uptick. The market stability index adjusted upward 2 points to 352, signaling improved market resilience.

Strategic developments include Algeria’s publication of a wheat import tender, with supplier bids due Wednesday. Updated pricing reflects July 26 CBOT Wheat futures at $5.97 ½ (▲$0.0775), September contracts at $6.05 ¾ (▲$0.0525), July KCAT Wheat at $6.36 ½ (▼$0.035), and September KCAT contracts at $6.43 ¾ (▼$0.015). MIAX exchange sees July delivery at $6.17 ¾ (▲$0.0175) and September at $6.41 (▲$0.0125).

Information as of publication: No positions held in securities referenced herein by Austin Schroeder. Solely informational content. Barchart Disclosure Policy applies.

Author views expressed herein do not necessarily reflect Nasdaq, Inc. perspectives.

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