The wheat complex is showing some mixed trade as the Chicago market is adding some premium. CBT soft red wheat futures are up 4 to 5 cents so far on the day. KC HRW futures are fractionally mixed at midday. MPLS spring wheat is trading with 1 to 4 cent losses at midday.
The weekly NASS Crop Progress report showed the winter wheat harvest at 98% complete. The spring wheat crop was 53% harvested, behind the 54% average. The final condition rating for the year saw 49% of the crop in good/excellent categories, down 1%, as the Brugler500 index was steady at 333.
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The next week shows heavy rain totals of 1 to 3 inches across a wide swath of the Southern Plains.
Russia’s wheat crop estimate from IKAR was raised by 0.5 MMT to 86 MMT, with the exports raised by the same to 43 MMT. The European Commission estimates the EU soft wheat exports at 2.18 MMT from July 1 to August 24, lagging behind the 4.15 MMT total last year.
Sep 25 CBOT Wheat is at $5.11, up 4 1/4 cents,
Dec 25 CBOT Wheat is at $5.34, up 4 1/4 cents,
Sep 25 KCBT Wheat is at $4.96 1/4, down 1/2 cent,
Dec 25 KCBT Wheat is at $5.21, up 1/4 cent,
Sep 25 MGEX Wheat is at $5.68, down 3 1/2 cents,
Dec 25 MGEX Wheat is at $5.91, down 1 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
