Wheat Holding Strength on Tuesday

Wheat is posting higher trade at Tuesday’s midday. Chicago SRW futures are firm to 2 1/4 cents higher so far on the day. Kansas City HRW contracts are 3 to 5 cents in the green. MPLS spring wheat is up 2 to 4 cents in the nearby contracts. 

Precip is expected to cover a good portion of the Southern Plains and SRW country in the next week.

Individual state Crop Progress reports showed KS winter wheat steady at 49% gd/ex, with a Brugler500 index unchanged at 334. Ratings in TX were up down 5% at 26% gd/ex and 3 points lower on the Brugler500 at 285. Weekly NASS national Crop Progress reports will begin next Monday.

EU soft wheat export shipments for the marketing year starting last July have totaled 15.68 MMT. That is well below the 24.54 MMT shipped in the same week last year. Ukraine is leaving their 2024/25 wheat export restriction at 16.2 MMT for the MY that ended in June, as ~13 MMT have already been shipped. 

May 25 CBOT Wheat  is at $5.39 1/4, up 2 1/4 cents,

Jul 25 CBOT Wheat  is at $5.52 1/2, up 2 cents,

May 25 KCBT Wheat  is at $5.62, up 5 cents,

Jul 25 KCBT Wheat  is at $5.73 3/4, up 3 3/4 cents,

May 25 MGEX Wheat  is at $5.94 1/4, up 2 1/4 cents,

Jul 25 MGEX Wheat  is at $6.10 1/2, up 3 3/4 cents,

More news from Barchart

• Monday’s Grain Price Action Following Key USDA Data Reveals Compelling Clues
• July Corn Futures Are Hinting at Underlying Strength and More Upside Ahead. Here Are the Levels to Watch Before You Buy.
• July Cotton Futures May Have Found a Bottom. Here Are the Levels to Watch Before You Buy.
• Monday Is a Major Day in the Grain Futures Markets. Here’s How You Should Be Positioned.