Wheat Complex Experiences Steady Trade Amid Global Export Concerns

The wheat complex is experiencing steady trade on Tuesday, with some contracts attempting to post strength. At midday, Chicago SRW contracts are fractionally to a penny higher, while KC HRW futures are down 2 to 3 cents. MPLS spring wheat contracts are steady to fractionally lower across most contracts.

The latest Weekly NASS Crop Progress data shows that 81% of the US winter wheat crop has been harvested by Sunday, which is 2% ahead of normal. In contrast, the spring wheat crop was 92% headed but only 1% behind its 5-year average pace, with 2% already harvested.

Spring wheat conditions were steady at 53% good to excellent, while the Brugler500 index dropped another 3 points to 342. Improvements were noted in Montana (+36), Washington (+6), and Idaho (no change). Conversely, deterioration was seen in Minnesota (-3), North Dakota (-17), and South Dakota (-33).

The outlook for Russian wheat exports is more subdued, with SovEcon estimating a total of 44.6 MMT, down 1.9 MMT from the previous number. Meanwhile, EU soft wheat exports for most of July (1-26) are seen at 0.57 MMT, which is a 0.89 MMT drop from the same period last year.