Wheat is showing mixed trade again on Tuesday, with the winter wheats firmer and spring wheat weaker. The wheat complex saw mixed action on Monday, with the KC market the weak link. CBT soft red wheat futures were 2 to 3 cents higher to close out the Monday session. Prelimininary open interest suggested some short covering, down 4,731 contracts. KC HRW futures slipped back to close with fractional to 1 ¼ cent losses. MPLS spring wheat closed Monday with 2 to 2 ½ cent gains.
The weekly NASS Crop Progress report showed the winter wheat harvest at 98% complete. The spring wheat crop was 53% harvested, behind the 54% average. The final condition rating for the year saw 49% of the crop in good/excellent categories, down 1%, as the Brugler500 index was steady at 333.
