Wheat Trade Sees Steady Gains Amid Mixed Crop Progress

The wheat market is experiencing steady trade on Tuesday, with contracts trying to post strength. Chicago SRW contracts are slightly higher at midday, while KC HRW futures are down by 2-3 cents. MPLS spring wheat prices are steady to fractionally lower across most contracts.

According to the USDA's weekly crop progress data, 81% of the US winter wheat crop has been harvested as of Sunday, which is 2% ahead of normal. The spring wheat crop was 92% headed, but 1% behind its five-year average pace. Additionally, 2% of the spring wheat crop has been harvested.

Spring wheat conditions were steady at 53% good to excellent, with the Brugler500 index dropping by another 3 points to 342. Improvement was noted in Montana (+36), Washington (+6), and Idaho (unchanged). On the other hand, there was deterioration in Minnesota (-3%), North Dakota (-17%), and South Dakota (-33%).

SovEcon estimates that Russian wheat exports will total 44.6 million metric tons, a decrease of 1.9 million metric tons from its previous estimate. EU soft wheat exports for the month of July (1-26) are seen at 0.57 million metric tons, down 0.89 million metric tons from the same period last year.

As of September 26, CBOT Wheat prices are at $6.61, up by 1 cent. Decatur Board of Trade Wheat futures for December are trading at $6.78 1/4, a gain of 3/4 cent. Kansas City Board of Trade Wheat contracts are down by 2 1/2 cents to $7.26 1/2, while Minneapolis Grain Exchange Wheat prices are steady at $7.28 1/2.