The wheat complex posted mixed action on Tuesday. Chicago SRW were up ½ to 2 cents in the front months on Tuesday, with other contracts down ¼ to 1 ½ cents. KC HRW futures saw fractional to 1 ½ cent gains across the board on Tuesday. MPLS spring wheat closed with losses of ¾ to 2 cents.
NASS Crop Progress data showed 92% of the US winter wheat crop headed by Sunday, 7% ahead of normal. Harvest was pegged at 11%, faster than the 6% average pace. Conditions were down 1% to 25% gd/ex, with the Brugler500 index down 6 to 263. An average of the 5 HRW states was 211, the lowest on record, with an average of SRW states at 362.
The spring wheat crop was 98% planted, 3% ahead of normal, with emergence at 87% and 7% faster than average. Spring wheat conditions were 52% gd/ex, up 5%, with the Brugler500 rising 7 points to 350. The only state to see deterioration was WA, down 3 points, with MT, up 13, and MN 9 points higher.
Harvest may be limited in much of the Southern Plains over the next week, as NOAA shows 1 to 3 inches expected in TX through, OK and KS.
Wheat production will be updated on Thursday via the monthly Crop Production report, with a Bloomberg estimate of analysts looking for 1.555 bbu of US wheat production. Winter heat is seen at an average guess of 1.04 bbu, an 8 mbu cut if realized. HRW is expected to be down 7 mbu to 508 mbu, the SRW up 1 mbu to 302.
The European Commission estimates the EU wheat export total from July 1 to June 7 at 22.05 MMT, 1.53 MMT above the same period last year.
Jul 26 CBOT Wheat closed at $5.85 1/4, up 2 cents,
Sep 26 CBOT Wheat closed at $5.96 3/4, up 1 cent,
Jul 26 KCBT Wheat closed at $6.30 3/4, up 1 cent,
Sep 26 KCBT Wheat closed at $6.40 1/4, up 1/2 cent,
Jul 26 MIAX Wheat closed at $6.18 1/2, down 2 cents,
Sep 26 MIAX Wheat closed at $6.43 1/4, down 1 3/4 cents,
