The wheat complex is under pressure across the three markets on Tuesday, with spring wheat contracts leading the charge. Chicago SRW contracts are 6 to 8 1/4 cents in the red at midday. KC HRW futures are showing 10 to 12 cent losses across the front months. MPLS spring wheat are down 20 to 23 ¾ cents.
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.
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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).
Commitment of Traders data showed managed money cutting back their net long in the Chicago market, cutting 9,786 contracts from their net short to 69,531 contracts. In KC wheat, spec funds flipped their position back to a net long of 7,620 contracts, by a move of 12,163 contracts to the long side.
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 is at $5.89 1/4, down 8 1/4 cents,
Sep 26 CBOT Wheat is at $5.99 3/4, down 7 3/4 cents,
Jul 26 KCBT Wheat is at $6.21 3/4, down 11 3/4 cents,
Sep 26 KCBT Wheat is at $6.28 1/2, down 11 1/2 cents,
Jul 26 MIAX Wheat is at $5.89, down 23 3/4 cents,
Sep 26 MIAX Wheat is at $6.17, down 21 1/2 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.