Wheat prices have seen early gains on Wednesday, with Chicago SRW futures increasing by up to 2.5 cents while Kansas City HRW futures fell by as much as 7.75 cents. Open interest in Chicago fell by 1,232 contracts, while Kansas City experienced a drop of 1,790 contracts on Tuesday.
As of September 24, 81% of the US winter wheat crop has been harvested, 2% ahead of the normal pace. The spring wheat crop is currently 92% headed, trailing the five-year average by 1%, with only 2% harvested. Crop conditions remain steady at 53% rated good to excellent.
SovEcon has revised Russia’s wheat export estimate to 44.6 million metric tons, marking a decrease of 1.9 million metric tons from previous forecasts. Meanwhile, EU soft wheat exports from July 1-26 are reported at 0.57 million metric tons, down 0.89 million metric tons from the same period last year.
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