Commodities
US Wheat Market Sees Losses Amid Crop Progress Report
The US wheat market is experiencing losses on Tuesday, August 11th. The Chicago SRW contracts are down by 9 to 10 cents, while KC HRW futures and MPLS spring wheat are falling 9 to 10 cents lower across the front months.
The recent NASS Crop Progress report showed that 91% of the US winter wheat crop has been harvested, matching the normal pace. The spring wheat crop was 24% harvested, ahead of the 19% 5-year average pace. Spring wheat conditions were down 4% at 51% good to excellent.
Analysts surveyed by Reuters are looking for 1.525 billion bushels of wheat in the upcoming production data, a cut from July's figure. US ending stocks are seen at 715 million bushels, a 7 million bushel drop from last month.