The wheat complex was mixed across the three markets on Tuesday. Chicago SRW wheat was down 3 to 4 cents at the close. KC HRW futures saw fractionally higher trade into the closing bell. MPLS spring wheat saw 2 to 3 cent losses.
The Monday afternoon Crop Progress report showed the US winter wheat crop at 63% harvested, 1% below the 5-year average pace. The Spring wheat crop was 78% headed, 3% ahead of normal, with conditions up 4% to 54% gd/ex, as the Brugler500 index was up 8 points to 345. The improvement was mainly in MN (+14), with MT (+8), ND (+6), and SD (+5) seeing better ratings.
Russian wheat production was estimated at 84 MMT by IKAR, a 0.5 MMT reduction from their prior number, with exports expected in 2025/26 at 42 MMT. Algeria purchased a large chunk of wheat this morning, with an estimated 1 MMT purchased.
Sep 25 CBOT Wheat closed at $5.38, down 3 1/2 cents,
Dec 25 CBOT Wheat closed at $5.58 3/4, down 3 1/2 cents,
Sep 25 KCBT Wheat closed at $5.23 3/4, up 3/4 cent,
Dec 25 KCBT Wheat closed at $5.46, up 1/2 cent,
Sep 25 MGEX Wheat closed at $6.01 1/4, down 2 1/2 cents,
Dec 25 MGEX Wheat closed at $6.21 1/4, down 2 1/4 cents,
