On Tuesday, wheat futures experienced gains across all major markets: Chicago SRW prices rose by 12-14 cents, Kansas City HRW by 11-12 cents, and Minneapolis spring wheat by 8-9 cents. Notably, the USDA reported the winter wheat harvest is 10% complete, trailing the average of 16%, with condition ratings at 52% good/excellent, down 2% from last week. The Brugler500 index decreased to 334 points, primarily due to significant drops in Nebraska, Montana, North Carolina, Idaho, Texas, and Kansas.
The spring wheat ratings improved by 4% to 57% good/excellent, corresponding to a Brugler500 increase to 353 points, with North Dakota showing a 12-point increase. Meanwhile, the French soft wheat harvested area was reduced to 4.56 million hectares (11.26 million acres), and EU wheat exports for the 2024/25 marketing year reached 19.76 MMT, lagging behind last year’s 29.81 MMT. Algeria has reportedly purchased between 550,000-570,000 MT in a recent tender.
As of July 25, CBOT wheat closed at $5.49 (up 12.5 cents), KCBT wheat at $5.47 3/4 (up 11.75 cents), and MGEX wheat at $6.30 3/4 (up 8 cents).
