Wheat futures are feeling a Turnaround Tuesday pressure. Chicago futures are down 1 to 2 cents at midday. Kansas City contracts are fractionally to 2 cents in the red so far on the day. MPLS spring wheat is down 1 to 4 cents so far on Tuesday.
Crop Progress data from USDA showed 76% of US winter wheat area harvested as of July 21, a 4% lead over the 5-year average pace. As for the spring wheat crop, 89% was listed as headed, 1% behind the 5-year average. Conditions of the northern region crop were unchanged on the week at 67% good/excellent, as the Brugler500 rating dropped 1 point to 383 on a 2% increase in poor/very poor ratings.
SovEcon gave their Russian wheat crop estimate a 0.1 MMT revision higher this morning, now at 84.2 MMT, and compared to USDA’s 83 MMT projection. EU exports have totaled 1.44 MMT so far in the marketing years from July 1 to July 21, compared to the 2.21 MMT in the same period last year.
Sep 24 CBOT Wheat is at $5.46 1/4, down 1 3/4 cents,
Dec 24 CBOT Wheat is at $5.71 1/2, down 1 1/2 cents,
Sep 24 KCBT Wheat is at $5.71, down 3/4 cent,
Dec 24 KCBT Wheat is at $5.87 1/4, down 3/4 cent,
Sep 24 MGEX Wheat is at $6.19 1/4, down 3 1/2 cents,
Dec 24 MGEX Wheat is at $6.36 3/4, down 3 1/2 cents,
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