The wheat complex posted mixed trade on Tuesday, as the soft red and hard red spreads were unwinding. Chicago SRW contracts were 3 ½ to 6 ¼ cents in the green at the close. KC HRW futures were steady to down 6 ¼ cents on the day. MPLS spring wheat posted Tuesday session losses of 1 ¾ to 4 ¾ cents.
NASS Crop Progress data showed 95% of the US winter wheat crop headed by Sunday, 4% ahead of normal. Harvest was pegged at 25%, faster than the 13% average pace. Conditions were up 2% to 27% gd/ex, with the Brugler500 index 4 points higher to 267. An average of the main 5 HRW states was up 2 points to 213, with SRW states averaging a 357 rating, down 5 points. The main white wheat states slipped 6 points to 367.
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The spring wheat crop was 95% emerged, 6% ahead of the average pace. The crop was 6% headed, 1 percentage point ahead of normal. Spring wheat conditions were 55% gd/ex, up 3%, with the Brugler500 rising 2 points to 352. Improvement was noted in MN (+14)< MN (+4), and ID (+3), with the other states showing weaker conditions, led by a 4 point drop in ND.
The EU wheat exports form July 1 to June 14 have totaled 22.38 MMT according to European Commission data, up 1.44 MMT from the same period a year ago.
Jul 26 CBOT Wheat closed at $5.96, up 6 1/4 cents,
Sep 26 CBOT Wheat closed at $6.04 1/4, up 3 3/4 cents,
Jul 26 KCBT Wheat closed at $6.33 3/4, down 6 1/4 cents,
Sep 26 KCBT Wheat closed at $6.41, down 4 1/4 cents,
Jul 26 MIAX Wheat closed at $6.12 1/4, down 3 3/4 cents,
Sep 26 MIAX Wheat closed at $6.35, down 4 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.