Wheat Futures Mixed as Spring Wheat Holds Strong

The wheat complex was mixed on Tuesday, but spring wheat futures held up while winter wheats fell. Chicago SRW contracts were mixed, with front months down 1 to 10 ¼ cents and deferreds fractionally to 2 cents higher.

Kansas City HRW futures were the weakest of the three exchanges, with contracts down 5 ¼ to 15 cents at the close. Minneapolis spring wheat was the strongest, with contracts fractionally to 1 ¼ cents higher across most months.

The latest crop progress report from the US Department of Agriculture showed that spring wheat conditions improved by 1% to 52% good or excellent. This is reflected in the Brugler500 index, which rose 5 points to 344. However, conditions declined in Montana (-3) and Washington (-5), while Idaho (+8), North Dakota (+5), and Minnesota (+4) saw improvement.