Wheat is trading with continued weakness on Tuesday morning, down 3 to 8 cents. The wheat complex saw losses across all three markets on Monday. Chicago SRW futures were fractionally to 2 ¾ cents lower on the day. Open interest was up 3,242 contracts. KC HRW futures were 2 to 3 ½ cents in the red. OI rose 2,752 contracts. MPLS spring wheat is 10 to 13 cent lower.
NASS Crop Progress data tallied 87% of the US winter wheat crop as headed, 8% ahead of the average pace. Harvest was 5% complete, 2 percentage points faster than normal. Winter wheat conditions were steady at 26% good/excellent, with the Brugler500 index up 1 point to 269. The spring wheat crop was 94% planted, with 72% emerged, both 5% above the normal pace.
