The wheat complex is showing mixed action so far, with the spring wheat leading the way higher. Wheat was under pressure on Tuesday, with losses across the three markets. Chicago SRW futures were 5 ¼ to 8 cents lower on the day. KC HRW futures were 6 ¼ to 9 ¾ cents in the red at the close. Open interest suggested new selling interest, up 6,492 contracts on Tuesday. MPLS spring wheat was down 7 to 10 cents in the front months on Tuesday. Crude was up $2.52 on the day.
The next week looks dry for much of the Plains from NE to TX, with much of SRW country remaining dry with scattered precip.
The Kansas Crop Progress report from Monday showed winter wheat conditions down 4% to 52% good/excellent, with the Brugler500 index down 9 points to 339.
EU wheat production was estimated at 142.6 MMT according to Coceral, down 1.3 MMT from the previous estimate. The European Commission estimates the EU wheat exports at 16.77 MMT from July 1 to March 15, up 1.23 MMT from the same period last year.
May 26 CBOT Wheat closed at $5.89 3/4, down 7 1/2 cents, currently down 2 cents
Jul 26 CBOT Wheat closed at $6.00 3/4, down 7 cents, currently down 2 cents
May 26 KCBT Wheat closed at $6.06 3/4, down 9 3/4 cents, currently down 1 3/4 cents
Jul 26 KCBT Wheat closed at $6.21 1/4, down 9 1/4 cents, currently down 1 3/4 cents
May 26 MIAX Wheat closed at $6.24 1/4, down 9 3/4 cents, currently up 1 3/4 cents
Jul 26 MIAX Wheat closed at $6.39 1/2, down 10 cents, currently up 2 1/4 cents
