Wheat Markets See Mixed Results Amid Lagging EU Exports
The wheat complex was mixed on Tuesday, August 18, with some markets holding up better than others. The spring wheat market in Minneapolis (MPLS) was firmer, with contracts fractionally to 1¼ cents higher across most months.
Chicago SRW contracts were mixed, with front months down 1 to 10¼ cents and deferreds fractionally to 2 cents higher. Kansas City HRW futures were the weakest of the wheat markets, with contracts down 5¼ to 15 cents at the close.
The US Department of Agriculture's (USDA) Crop Progress report showed that spring wheat conditions improved by 1% this week, with a total of 52% good to excellent. The Brugler500 index also rose 5 points to 344, but Montana and Washington saw declining conditions.
European Union soft wheat exports are lagging behind last year's pace, totaling 1.48 million metric tons (MMT) since July 1 compared to 2.9 MMT in the same period last year.