The wheat market closed mixed on Tuesday, July 26, 2023, with Chicago SRW futures rising by 2 ¼ to 3 ¾ cents. In contrast, MPLS spring wheat dropped 4 to 6 ¾ cents, while KC HRW futures remained steady. The closing prices were $6.67 ¼ for July CBOT Wheat (up 2 ¾ cents) and $7.03 ¾ for July KCBT Wheat (unchanged).
According to Crop Progress data, 71% of the winter wheat crop is now headed, outpacing the average by 13 percentage points. However, condition ratings decreased to 27% good/excellent, with the Brugler500 index falling 6 points to 271. Deteriorating conditions were noted in key states, including Kansas and Colorado, where ratings dropped by 12 points.
In Brazil, a private consultancy, Veeries, predicts a growth of only 400,000 hectares (988,420 acres) in soybean area—representing the smallest increase in 20 years—due to tight margins and escalating fertilizer costs.
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