The wheat complex futures are trading 5 to 10 cents higher this Wednesday morning. They were mixed to round out Tuesday, with the winter wheats extending gains on Tuesday after big rallies on Monday. Chicago contracts saw gains of 3 ¾ to 8 ¾ cents at the close. Kansas City futures posted fractional to 5 ¾ cent higher trade on the session. MPLS spring wheat futures were mixed, with the front months fractionally to 1 ¼ lower and a couple 2025 contracts slightly higher.
The USDA Crop Progress report from Monday showed winter wheat conditions 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.
IKAR cut their Russian wheat crop estimate by another 2.5 MMT from their projection last week to now 83.5 MMT. USDA was at 88 MMT in May. Most private firms are lowering their wheat export projections for Russia for next year due to lower production.
Jul 24 CBOT Wheat closed at $6.97 1/2, up 8 3/4 cents, currently up 6 1/4 cents
Sep 24 CBOT Wheat closed at $7.17 1/2, up 8 3/4 cents, currently up 5 1/2 cents
Jul 24 KCBT Wheat closed at $7.01 1/2, up 4 3/4 cents, currently up 8 cents
Sep 24 KCBT Wheat closed at $7.16 1/4, up 5 1/2 cents, currently up 7 3/4 cents
Jul 24 MGEX Wheat closed at $7.38 3/4, down 1/2 cent, currently up 6 3/4 cents
Sep 24 MGEX Wheat closed at $7.48 1/4, down 1 1/4 cents, currently up 6 cents
On the date of publication, Alan Brugler 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
