The wheat complex was pressure across the three markets on Tuesday, with spring wheat leading the bears. Chicago SRW contracts were 8 1/4 to 10 3/4 cents in the red at the close. KC HRW futures posted 13 to 15 1/4 cent losses across the board. MPLS spring wheat was 14 to 24 3/4 cents to lead the bears.
Much if the spring wheat area from MN to ID is expected to receive 1-2 inches of rainfall in the next week, with heavier totals in Canada.
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NASS Crop Progress data showed 40% of the US winter wheat crop harvested by Sunday, 16% ahead of normal. Conditions were down 1% to 26% gd/ex, with the Brugler500 index 3 points lower to 264. An average of the major HRW states show a 2 point drop to 211 points, with SRW up 2 points at 359, and the white wheat states averaging 352, down 15 points on the week.
The spring wheat crop was 16% headed, matching the 5-year average pace. Spring wheat conditions were 54% gd/ex, down 1%, with the Brugler500 slipping 1 point to 351. Deterioration was noted in WA (-9), ND (-4), ID (-4) and MN (-1). Improvement was noted in MT (+9) and SD (+3).
Sovecon estimates the Russian wheat crop at 88.9 MMT for 2026/27, down 1.4 MMT from the previous number.
Jul 26 CBOT Wheat closed at $5.86 3/4, down 10 3/4 cents,
Sep 26 CBOT Wheat closed at $5.97, down 10 1/2 cents,
Jul 26 KCBT Wheat closed at $6.18 1/4, down 15 1/4 cents,
Sep 26 KCBT Wheat closed at $6.25 1/4, down 14 3/4 cents,
Jul 26 MIAX Wheat closed at $5.88, down 24 3/4 cents,
Sep 26 MIAX Wheat closed at $6.18 1/2, down 21 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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