As of September 25, the wheat market showed mixed results across exchanges. Chicago Board of Trade (CBOT) soft red wheat futures rose by 2 to 3 cents, closing at $5.09½, while Kansas City (KCBT) hard red winter wheat futures fell by 3 to 4 cents, closing at $4.93. Minneapolis Grain Exchange (MGEX) spring wheat futures experienced losses of 2 to 5¼ cents, closing at $5.66¼.
The NASS Crop Progress report indicated that 98% of the winter wheat harvest is complete, while 53% of the spring wheat crop has been harvested, slightly trailing the 54% five-year average. The Brugler500 index for wheat remained steady at 333, with 49% of the crop rated as good/excellent, down 1% from the previous rating.
In international markets, Russia’s wheat crop estimate was raised to 86 MMT, with exports also increased to 43 MMT. The European Commission reported that EU soft wheat exports from July 1 to August 24 reached 2.18 MMT, significantly below last year’s total of 4.15 MMT.
