Wheat Closes with Mixed Trade on Tuesday
Wheat futures closed mixed on Tuesday. Chicago SRW fell 3–4 cents, while KC HRW edged slightly higher. MPLS spring wheat slipped 2–3 cents. USDA reported 63% of the U.S. winter wheat crop harvested and spring wheat 78% headed. Russian wheat output was cut to 84 MMT. Algeria purchased around 1 MMT of wheat.
The wheat complex was mixed across the three markets on Tuesday. Chicago SRW wheat was down 3 to 4 cents at the close. KC HRW futures saw fractionally higher trade into the closing bell. MPLS spring wheat saw 2 to 3 cent losses.
The Monday afternoon Crop Progress report showed the US winter wheat crop at 63% harvested, 1% below the 5-year average pace. The Spring wheat crop was 78% headed, 3% ahead of normal, with conditions up 4% to 54% gd/ex, as the Brugler500 index was up 8 points to 345. The improvement was mainly in MN (+14), with MT (+8), ND (+6), and SD (+5) seeing better ratings.
Russian wheat production was estimated at 84 MMT by IKAR, a 0.5 MMT reduction from their prior number, with exports expected in 2025/26 at 42 MMT. Algeria purchased a large chunk of wheat this morning, with an estimated 1 MMT purchased.
Sep 25 CBOT Wheat closed at $5.38, down 3 1/2 cents,
Dec 25 CBOT Wheat closed at $5.58 3/4, down 3 1/2 cents,
Sep 25 KCBT Wheat closed at $5.23 3/4, up 3/4 cent,
Dec 25 KCBT Wheat closed at $5.46, up 1/2 cent,
Sep 25 MGEX Wheat closed at $6.01 1/4, down 2 1/2 cents,
Dec 25 MGEX Wheat closed at $6.21 1/4, down 2 1/4 cents.
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Source : BarChart
