The wheat complex fell lower on Tuesday across all three markets. CBT soft red wheat futures were 3 to 4 1/4 cents lower on the day. KC HRW futures fell 6 to 7 cents. Both the September winter wheat contracts closed below the $5 mark. MPLS spring wheat was 2 to 3 cents lower across the front months. US prices are competitive on the world market, and recent Export Sales reports have shown the business, though the market has had a muted reaction.
Crop Progress data from USDA showed the US winter wheat 94% harvested, with 95% the normal harvest pace. The spring wheat harvest was 36% complete, behind the even with the 5-year average. Conditions were listed at 50% gd/ex, up 1%, with the Brugler500 index back up 2 points at 333. The improvement was noted in ND, up 3 points, with ID 2 points higher. Deterioration was seen in MN, down 5 points, with SD down 2.
