US Wheat Prices Slide as Harvest Progress Beats Expectations

US wheat prices are slipping lower on Tuesday's midday session, with Chicago SRW contracts trading between 5 to 8 cents in the red.

Kansas City HRW futures are down by 9 to 10.5 cents in the front months, while MPLS spring wheat is showing fractionally mixed trade at midday.

The latest crop progress report from NASS showed that 96% of the US winter wheat crop was harvested by Sunday, which is 2% ahead of the normal pace.

The spring wheat crop was 41% harvested, beating its 5-year average pace of 34%. Spring wheat conditions improved to 52%, with the Brugler500 index rising 5 points to 344.