The wheat complex recovered from early weaknesses on Tuesday, with all contracts showing gains. Chicago SRW futures rose by 4 to 5 cents, Kansas City HRW futures by 9 to 10.5 cents, and Minneapolis spring wheat led gains with increases of 11 to 12 cents.
Spring wheat surged as the Northern Plains, including Minnesota and the Dakotas, are forecasted to receive minimal precipitation over the next week according to NOAA’s 7-day quantitative precipitation forecast.
NASS Crop Progress data indicates 74% of the U.S. winter wheat crop was harvested by Sunday, 3% ahead of the average. Spring wheat crop conditions show 86% heading, 1% above the five-year average. Conditions in spring wheat were rated 53% good/excellent, down 5%, with the Brugler500 index dropping 6 points to 345. All major states except Washington reported lower ratings, with Idaho, Montana, North/South Dakota, and Minnesota showing declines.
Sovecon estimates the Russian wheat crop at 88.3 million metric tons, down 0.6 MMT from their previous projection due to reduced acreage.
Sept 26 CBOT Wheat closed at $6.78, up 4 cents.
Dec 26 CBOT Wheat closed at $6.96, up 4.5 cents.
Sept 26 KCBT Wheat closed at $7.33, up 9.25 cents.
Dec 26 KCBT Wheat closed at $7.49.5, up 10.5 cents.
Sept 26 MIAX Wheat closed at $7.04.25, up 12 cents.
Dec 26 MIAX Wheat closed at $7.28.25, up 11 cents.
On the date of publication,
Austin Schroeder
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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![Cabinet Members Set to Join TikTok Following DOJ Clearance for Federal Use</[TITLE]President Donald Trump has signed an executive order in the Oval Office officially implementing his plan regarding the social media and video streaming platform TikTok. A White House official confirmed to Fox News that most members of President Trump’s Cabinet are expected to launch official TikTok accounts this Tuesday.This coordinated rollout, as first reported by Axios, follows a July 16 legal opinion from the Department of Justice’s Office of Legal Counsel. The opinion concluded that federal employees may use TikTok because the platform is now managed by a U.S.-approved owner, placing it outside the scope of previous federal restrictions.The DOJ opinion determined that the current version of TikTok, operated via the TikTok U.S. Data Security Joint Venture, does not fall under the prohibitions of the No TikTok on Government Devices Act. This 2022 legislation had barred the app from federal government devices due to national security concerns regarding its Chinese parent company, ByteDance. The legal opinion notes that the law specifically prohibits versions of TikTok “developed or provided by entities in which ByteDance Limited has a controlling ownership stake.” President Donald Trump speaks during a Cabinet meeting at the White House. Most members of his Cabinet are expected to launch official TikTok accounts Tuesday after a Justice Department opinion allowing federal employees to use the app. (Win McNamee/Getty Images / Getty Images)According to the DOJ, the current version of TikTok no longer meets the criteria for a ban because the joint venture “functions independently of ByteDance, is majority-owned by American investors and has revised the content recommendation algorithm and cybersecurity program originally developed by ByteDance to insulate federal government information against the concerning security features that initially motivated the prohibition.”This decision represents a significant shift in federal policy toward TikTok, following years of bipartisan concern regarding the app’s ties to China and potential data security risks.President Trump has become increasingly active on the platform, noting that it served as a vital tool for connecting with younger voters during the 2024 campaign.”You know, I watched a couple of people critical of the fact that TikTok, TikTok, it’s so bad. It’s so dangerous. It’s horrible. They’re spreading all these rumors,” Trump said on July 8.”And the numbers came out yesterday. You know who’s No. 1 on TikTok? I am. I’m No. 1 at TikTok.” The opinion says the law prohibits versions of TikTok “developed or provided by entities in which ByteDance Limited has a controlling ownership stake.” (iStock / iStock)Trump also dismissed criticisms from China hawks, suggesting that his presence on the platform helps counter concerns regarding Chinese influence.”And all I talk about is how bad communism is, right?” Trump said. “They say, ‘Oh, it’s terrible.’ They’re spreading. But I’m No. 1. I listen to Gordon Chang. I like Gordon Chang, but he’s always, like, negative.”Oh, China is so terrible. They’re so terrible, and TikTok is so terrible. But I am No. 1 on TikTok. I have, like 4 billion views or something like that.” Trump’s Cabinet is expected to launch official TikTok accounts Tuesday after the Justice Department concluded federal employees may use the app under its new ownership structure. (Win McNamee/Getty Images / Getty Images)Earlier this month, Trump credited TikTok with assisting in his election victory.”We have to be careful because China is a great competitor,” Trump said during a July 6 event. “But, you know, he was talking about we must stop TikTok. I’m No. 1 on TikTok. I think it helped me win the election in a landslide if you want to know the truth.”](https://i0.wp.com/a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/0/0/tiktoktrump.png?ve=1&tl=1&w=1024&resize=1024,1024&ssl=1 "Cabinet Members Set to Join TikTok Following DOJ Clearance for Federal Use</[TITLE]President Donald Trump has signed an executive order in the Oval Office officially implementing his plan regarding the social media and video streaming platform TikTok. A White House official confirmed to Fox News that most members of President Trump’s Cabinet are expected to launch official TikTok accounts this Tuesday.This coordinated rollout, as first reported by Axios, follows a July 16 legal opinion from the Department of Justice’s Office of Legal Counsel. The opinion concluded that federal employees may use TikTok because the platform is now managed by a U.S.-approved owner, placing it outside the scope of previous federal restrictions.The DOJ opinion determined that the current version of TikTok, operated via the TikTok U.S. Data Security Joint Venture, does not fall under the prohibitions of the No TikTok on Government Devices Act. This 2022 legislation had barred the app from federal government devices due to national security concerns regarding its Chinese parent company, ByteDance. The legal opinion notes that the law specifically prohibits versions of TikTok “developed or provided by entities in which ByteDance Limited has a controlling ownership stake.” President Donald Trump speaks during a Cabinet meeting at the White House. Most members of his Cabinet are expected to launch official TikTok accounts Tuesday after a Justice Department opinion allowing federal employees to use the app. (Win McNamee/Getty Images / Getty Images)According to the DOJ, the current version of TikTok no longer meets the criteria for a ban because the joint venture “functions independently of ByteDance, is majority-owned by American investors and has revised the content recommendation algorithm and cybersecurity program originally developed by ByteDance to insulate federal government information against the concerning security features that initially motivated the prohibition.”This decision represents a significant shift in federal policy toward TikTok, following years of bipartisan concern regarding the app’s ties to China and potential data security risks.President Trump has become increasingly active on the platform, noting that it served as a vital tool for connecting with younger voters during the 2024 campaign.”You know, I watched a couple of people critical of the fact that TikTok, TikTok, it’s so bad. It’s so dangerous. It’s horrible. They’re spreading all these rumors,” Trump said on July 8.”And the numbers came out yesterday. You know who’s No. 1 on TikTok? I am. I’m No. 1 at TikTok.” The opinion says the law prohibits versions of TikTok “developed or provided by entities in which ByteDance Limited has a controlling ownership stake.” (iStock / iStock)Trump also dismissed criticisms from China hawks, suggesting that his presence on the platform helps counter concerns regarding Chinese influence.”And all I talk about is how bad communism is, right?” Trump said. “They say, ‘Oh, it’s terrible.’ They’re spreading. But I’m No. 1. I listen to Gordon Chang. I like Gordon Chang, but he’s always, like, negative.”Oh, China is so terrible. They’re so terrible, and TikTok is so terrible. But I am No. 1 on TikTok. I have, like 4 billion views or something like that.” Trump’s Cabinet is expected to launch official TikTok accounts Tuesday after the Justice Department concluded federal employees may use the app under its new ownership structure. (Win McNamee/Getty Images / Getty Images)Earlier this month, Trump credited TikTok with assisting in his election victory.”We have to be careful because China is a great competitor,” Trump said during a July 6 event. “But, you know, he was talking about we must stop TikTok. I’m No. 1 on TikTok. I think it helped me win the election in a landslide if you want to know the truth.”")
