Wheat Pressure Pushes Prices Lower on Tuesday
The wheat complex posted Tuesday losses across all three exchanges at the close. Chicago SRW futures were 1 ¼ to 5 3/4 cents lower at the close. KC HRW futures were 5 3/4 to 12 1/4 cents in the red on the day. MPLS spring wheat was down 7 to 15 cents on Tuesday.
NASS Crop Progress data tallied 87% of the US winter wheat crop as headed, 8% ahead of the average pace. Harvest was 5% complete, 2 percentage points faster than normal. Winter wheat conditions were steady at 26% good/excellent, with the Brugler500 index up 1 point to 269. Ratings in OH were down 10, with TX dropping 9 points. Conditions in OK were up 9 points.
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The spring wheat crop was 94% planted, with 72% emerged, both 5% above the normal pace. The first spring wheat rating of the year showed 47% of the crop in good/excellent condition, 3% below the same week last year. That was a 343 rating on the Brugler500 index, up 3 points from the same week last year.
EU soft wheat exports from July 1 to May 31 have totaled 21.47 MMT, a 1.2 MMT increase yr/yr in the same period.
Jul 26 CBOT Wheat closed at $6.03, down 5 3/4 cents,
Sep 26 CBOT Wheat closed at $6.16 1/4, down 5 cents,
Jul 26 KCBT Wheat closed at $6.34 3/4, down 12 1/4 cents,
Sep 26 KCBT Wheat closed at $6.46 1/4, down 12 1/4 cents,
Jul 26 MIAX Wheat closed at $6.37, down 15 cents,
Sep 26 MIAX Wheat closed at $6.62 1/2, down 14 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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