Wheat prices increased across most contracts on Tuesday, with Chicago SRW futures rising by ½ to 2 cents, while KC HRW futures gained fractionally to 1 ½ cents. Open interest declined significantly, with SRW down by 7,779 contracts and HRW down by 5,713 contracts.
As of Sunday, NASS reports that 92% of the U.S. winter wheat crop is headed, 7% ahead of the average, with the harvest at 11%, outpacing the typical 6%. Conditions showed a decline to 25% rated good/excellent, while the Brugler500 index fell by 6 points to 263, marking the lowest average for HRW states at 211 and SRW states at 362. Meanwhile, the EU estimates total wheat exports for the period from July 1 to June 7 at 22.05 million metric tons, which is 1.53 million metric tons higher than last year.
Looking ahead, the monthly Crop Production report on Thursday anticipates U.S. wheat production at 1.555 billion bushels, including an expected drop of 7 million bushels in HRW to 508 million bushels.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
