The wheat market is down across the three markets on Tuesday. CBT soft red wheat futures are 2 to 3 cents in the red at midday. KC HRW futures are continuing with losses at midday, with 2 to 3 ½ cent losses. MPLS spring wheat futures are down 2 to 3 cents across the nearbys on Tuesday.
Algeria is tendering for 50,000 MT of soft wheat, with a deadline of Wednesday on offers. IKAR estimated the Russian wheat crop at 88 MMT, a 0.5 MMT increase from their prior number. Ukraine’s ag ministry estimates the country’s winter wheat crop at 74% planted. The European Commission estimates the country’s wheat exports at 5.87 MMT as of October 19 since July 1, which is 1.58 MMT below the same week last year
