As of July 25, 2023, the wheat complex is experiencing a pullback, with Chicago SRW wheat down by 1 to 2 cents and KC HRW contracts reflecting losses of 3 to 5 cents. The nearby July KC wheat saw 8 deliveries overnight, while MPLS spring wheat is facing losses of 8 to 11 cents at midday.
According to USDA’s Crop Progress data, 53% of the US winter wheat crop has been harvested, aligning with the average, and conditions remain steady at 48% good/excellent. The Brugler 500 index increased by 2 points to 331. In contrast, the spring wheat crop is reported as 61% headed, exceeding the 58% average, but conditions dipped to 48% good/excellent with the Brugler 500 index falling by 8 to 337.
Market data revealed a reduction of 1,596 contracts in the Chicago Spec Fund net short position, totaling 63,071 contracts by July 1, while KC wheat saw a cut of 1,114 contracts to 42,348. The European Commission estimates EU wheat exports at 20.33 million metric tons (MMT) for the July 2024 to June 2025 period, down from 31.07 MMT last year, while Sovecon projects Russian wheat exports at 42.9 MMT, an increase of 2.1 MMT.
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