The wheat complex rebounded on Tuesday, with Chicago SRW contracts rising by 4 to 5 cents, KC HRW futures gaining 9 to 10 ½ cents, and MPLS spring wheat leading with increases of 11 to 12 cents. As of September 24, 74% of the U.S. winter wheat crop has been harvested, 3% ahead of the five-year average, while 86% of the spring wheat crop is headed, also slightly above trend. The USDA reported that spring wheat conditions were rated at 53% good/excellent, down 5% from the previous week.
Sovecon revised its estimate for the Russian wheat crop to 88.3 million metric tons (MMT), a decrease of 0.6 MMT due to lower acreage. As of September 26, the closing prices for major wheat contracts were as follows: CBOT Wheat at $6.78, KCBT Wheat at $7.33, and MIAX Wheat at $7.04 ¼, with all showing positive movements throughout the day.
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