The wheat complex was mixed to round out Tuesday, with the winter wheat holding up on Tuesday. Chicago contracts saw gains of 3 ¾ to 8 ¾ cents at the close. Kansas City futures posted fractional to 5 ¾ cent higher trade on the session. MPLS spring wheat futures were mixed, with the front months fractionally to 1 ¼ lower and a couple 2025 contracts slightly higher.  

The USDA Crop Progress report from Monday winter wheat conditions at 49% gd/ex, down 1% from last week and taking the Brugler500 index 1 point lower to 333. Conditions for the HRW crop saw KS up 8 points, with CO down 14, OK 4 points lower and TX down 3. IL was down a sharp 16 points. The Southern Plains is expected to remain dry for the next week. 

IKAR cut their Russian wheat crop estimate by another 2.5 MMT from their projection last week to 83.5 MMT. Chinese customs data shows calendar year 2024 wheat imports of 6.24 MMT through the end of April. That is up 3.4% year/year. 

Jul 24 CBOT Wheat  closed at $6.97 1/2, up 8 3/4 cents,

Sep 24 CBOT Wheat  closed at $7.17 1/2, up 8 3/4 cents,

Jul 24 KCBT Wheat  closed at $7.01 1/2, up 4 3/4 cents,

Sep 24 KCBT Wheat  closed at $7.16 1/4, up 5 1/2 cents,

Jul 24 MGEX Wheat  closed at $7.38 3/4, down 1/2 cent,

Sep 24 MGEX Wheat  closed at $7.48 1/4, down 1 1/4 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.