Wheat Extending Strength into Wednesday Morning
Wheat futures are trading 5-10 cents higher this Wednesday. Tuesday saw gains of 3 ¾ to 8 ¾ cents for Chicago contracts and fractional to 5 ¾ cents for Kansas City futures. USDA’s Crop Progress report showed winter wheat at 49% gd/ex, down 1%. IKAR reduced Russia’s wheat crop estimate by 2.5 MMT to 83.5 MMT, with USDA’s estimate at 88 MMT. Dry conditions persist in the Southern Plains.
The wheat complex futures are trading 5 to 10 cents higher this Wednesday morning. They were mixed to round out Tuesday, with the winter wheats extending gains on Tuesday after big rallies on Monday. Chicago contracts saw gains of 3 ¾ to 8 ¾ cents at the close. Kansas City futures posted fractional to 5 ¾ cent higher trade on the session. MPLS spring wheat futures were mixed, with the front months fractionally to 1 ¼ lower and a couple 2025 contracts slightly higher.
The USDA Crop Progress report from Monday showed winter wheat conditions at 49% gd/ex, down 1% from last week and taking the Brugler500 index 1 point lower to 333. Conditions for the HRW crop saw KS up 8 points, with CO down 14, OK 4 points lower and TX down 3. IL was down a sharp 16 points. The Southern Plains is expected to remain dry for the next week.
IKAR cut their Russian wheat crop estimate by another 2.5 MMT from their projection last week to now 83.5 MMT. USDA was at 88 MMT in May. Most private firms are lowering their wheat export projections for Russia for next year due to lower production.
Source Link: https://www.barchart.com/story/news/26376134/wheat-extending-strength-into-wednesday-morning
