Wheat futures posted some turnaround action on Tuesday, with contracts down across the three exchanges. Chicago SRW futures were 2 to 3 cents lower. Kansas City HRW contracts saw weakness, with losses of 3 cents in the nearbys. Minneapolis spring wheat futures pulled back on the rating improvement, down 9 to 10 cents.
USDA’s weekly Crop Progress report showed winter wheat now 83% headed, 4 points ahead of normal, with harvest matching the average pace at 3% complete. Early harvest progress in TX was 25% complete (-2% vs. average), with OK at 4% (-5%) Condition ratings were back up 2% to 52%, with the Brugler500 index up 4 to 336. Ratings in IL were down 14, with IN down 7. Improvement was noted in KS (+4), NE (+12), OK (+10), and TX (+10).
The spring wheat crop is now 95% planted, with the average pace at 90%. Emergence was 73%, 4 percentage pints head of the 5-year average. Ratings jumped 5%, all out of the poor/very poor categories, to 50% good/excellent, with the Brugler500 up 14 to 340. Ratings in ND was up 32 points, with MN and WA up 3.
Ukraine’s Ag minister estimates the country’s wheat crop near 20 to 22 MMT, which is below the 23 MMT from the USDA’s initial target. EU soft wheat exports since July have totaled 19.13 MMT in the 11 months to June 1. That lags the 28.76 MMT from the same point in the year prior.
Jul 25 CBOT Wheat closed at $5.36, down 3 cents,
Sep 25 CBOT Wheat closed at $5.50 1/2, down 2 3/4 cents,
Jul 25 KCBT Wheat closed at $5.36 3/4, down 3 cents,
Sep 25 KCBT Wheat closed at $5.50 1/2, down 3 cents,
Jul 25 MGEX Wheat closed at $6.18, down 9 1/4 cents,
Sep 25 MGEX Wheat closed at $6.31 1/4, down 9 cents,
