All three wheat markets are higher at midday on Tuesday after settling lower on Monday. Wheat pushed lower across the three markets on Monday, led by spring wheat. Chicago SRW is up 4 to 7 cents after CBT prices were 3 to 4 cents lower on Monday. Preliminary open interest showed new selling interest up 2,270 contracts. KC contracts were 3 to 4 cents in the red at the close, but 5 to 8 higher in middle of Tuesday trade activity. Preliminary OI suggested a rotation of ownership, up just 38 contracts. MPLS spring wheat was down 8 to 9 cents yesterday, but up 4 to 7 cents here on Tuesday.
NASS Crop Progress data released after the Monday close showed 73% of the US winter wheat crop harvested by Sunday, 1 point ahead of the average pace. Spring wheat development was 1% behind normal at 87% headed. Condition ratings for the northern crop were down 2% to 52% gd/ex, as the Brugler500 index was down 7 for the week to 338.
