Wheat Sees Gains on Tuesday
The wheat complex found late session strength on Tuesday. Chicago SRW contracts were 3 ¼ to 7 ¼ cents in the green on the day. KC HRW futures were 1 ¼ to 4 ¾ cents higher at the close. MPLS spring wheat was up 1 ¼ to 4 ½ cents in most contracts, as nearby July was 11 ½ cents higher.
NASS Crop Progress data showed 59% of the US winter wheat crop harvested by Sunday, 8% ahead of normal. Conditions were steady at 26% gd/ex, with the Brugler500 index up 1 point to 262. That was the final rating for the crop. The average of the major HRW states was at 209, with SRW states at 360.
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The spring wheat crop was 54% headed, in line with the 5-year average pace. Spring wheat conditions were 57% gd/ex, down 2%, with the Brugler500 index 1 point lower to 354. Ratings in MT were up 16 points, with SD up 2. Deterioration was seen in ID (-11), ND (-13), and MN (-6).
Monthly trade data from Census showed 1.609 MMT (59.13 mbu) of wheat in May, which was 13.73% below April and a 26.7% drop from last year. Full marketing year exports, including products were 912 mbu.
Jul 26 CBOT Wheat closed at $6.09 1/4, up 3 1/4 cents,
Sep 26 CBOT Wheat closed at $6.18 1/2, up 4 1/2 cents,
Jul 26 KCBT Wheat closed at $6.39 3/4, up 1 1/4 cents,
Sep 26 KCBT Wheat closed at $6.52 3/4, up 3 cents,
Jul 26 MIAX Wheat closed at $6.03, up 11 1/2 cents,
Sep 26 MIAX Wheat closed at $6.33, up 3 1/2 cents,
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