The wheat markets is pushing higher across the three exchanges so far on Tuesday. Chicago futures are up 4 to 7 cents across most months, disregarding illiquid July. Kansas City contracts are up 5 to 7 cents at the moment. MPLS spring wheat is trading with 2 to 5 cent gains at midday.
The US winter wheat harvest was 63% complete by July 7, now 11% above the average pace. The spring wheat crop was shown to be 59% headed, 1% lagging the average pace. Condition ratings were up 3% to 75% gd/ex, as the Brugler500 index (factoring in all 5 ratings) was up 2 points to 380.
CFTC data released on Monday afternoon indicated specs in Chicago wheat adding 3,487 contracts to their net short to 73,974 contracts during the week. In KC wheat, they increased that net short by 6,031 contracts to 43,103 contracts.
All US wheat stocks projected for the end of the 2024/25 marketing year are seen at 785 mbu, 27 mbu increase on the week due to the increased production potential and carryover.
Japan is tendering for 107,330 MT of wheat this week from the three usual suspects, as 50,440 MT is sought from the US, with Canada and Australia making up the other 56,890 MT. French wheat production is expected to total 29.7 MMT this year, a 15.4% drop and 4 year low according to the French farm ministry.
Jul 24 CBOT Wheat is at $5.53, down 19 1/4 cents,
Sep 24 CBOT Wheat is at $5.77, up 6 1/2 cents,
Jul 24 KCBT Wheat is at $5.85 1/4, up 11 3/4 cents,
Sep 24 KCBT Wheat is at $5.82 3/4, up 5 1/2 cents,
Jul 24 MGEX Wheat is at $6.21, unch,
Sep 24 MGEX Wheat is at $6.21 3/4, up 4 1/4 cents,
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