The wheat complex is mixed, with the winter wheat holding up on Tuesday. Chicago contracts are up 1 to 4 ½ cents on the day. Kansas City futures are fractionally to 2 cents higher. MPLS spring wheat futures are bringing up the rear, down 3 to 4 cents.
The USDA Crop Progress report from Monday afternoon showed 69% of the US winter wheat crop as headed, 12% ahead of the average pace as of Sunday. Winter wheat conditions were listed at 49% gd/ex, down 1% from last week and taking the Brugler500 index 1 point lower to 333. Conditions for the HRW crop saw KS up 8 points, with CO down 14, OK 4 points lower and TX down 3. IL was down a sharp 16 points. The Southern Plains is expected to remain dry for the next week. Spring wheat planting was at 79%, 14% above the 5-year average. Emergence was at 43%, 10% above the average pace.
IKAR cut their Russian wheat crop estimate by another 2.5 MMT from their projection lats week to 83.5 MMT. Chinese customs data shows calendar year 2024 wheat imports of 6.24 MMT through the end of April. That is up 3.4% year/year.
Jul 24 CBOT Wheat is at $6.93 1/4, up 4 1/2 cents,
Sep 24 CBOT Wheat is at $7.12 3/4, up 4 cents,
Jul 24 KCBT Wheat is at $6.97 1/2, up 3/4 cent,
Sep 24 KCBT Wheat is at $7.12, up 1 1/4 cents,
Jul 24 MGEX Wheat is at $7.36 1/2, down 2 3/4 cents,
Sep 24 MGEX Wheat is at $7.46 1/4, down 3 1/4 cents,
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