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. KC HRW futures saw fractional to 1 ½ cent gains across the board on Tuesday. MPLS spring wheat closed with losses of ¾ to 2 cents.
NASS Crop Progress data showed 92% of the US winter wheat crop headed by Sunday, 7% ahead of normal. Harvest was pegged at 11%, faster than the 6% average pace. Conditions were down 1% to 25% gd/ex, with the Brugler500 index down 6 to 263. An average of the 5 HRW states was 211, the lowest on record, with an average of SRW states at 362.
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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% gd/ex, up 5%, with the Brugler500 rising 7 points to 350. The only state to see deterioration was WA, down 3 points, with MT, up 13, and MN 9 points higher.
Harvest may be limited in much of the Southern Plains over the next week, as NOAA shows 1 to 3 inches expected in TX through, OK and KS.
Wheat production will be updated on Thursday via the monthly Crop Production report, with a Bloomberg estimate of analysts looking for 1.555 bbu of US wheat production. Winter heat is seen at an average guess of 1.04 bbu, an 8 mbu cut if realized. HRW is expected to be down 7 mbu to 508 mbu, the SRW up 1 mbu to 302.
The European Commission estimates the EU wheat export total from July 1 to June 7 at 22.05 MMT, 1.53 MMT above the same period last year.
Jul 26 CBOT Wheat closed at $5.85 1/4, up 2 cents,
Sep 26 CBOT Wheat closed at $5.96 3/4, up 1 cent,
Jul 26 KCBT Wheat closed at $6.30 3/4, up 1 cent,
Sep 26 KCBT Wheat closed at $6.40 1/4, up 1/2 cent,
Jul 26 MIAX Wheat closed at $6.18 1/2, down 2 cents,
Sep 26 MIAX Wheat closed at $6.43 1/4, down 1 3/4 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. For more information please view the Barchart Disclosure Policy here.
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