Wheat futures are experiencing midday losses across all three markets, with Chicago SRW down 2 to 3 cents, Kansas City HRW down 2 to 3 cents, and Minneapolis spring wheat down 7 to 8 cents. The USDA’s weekly Crop Progress report indicates that 83% of winter wheat is headed, matching the average pace of 3% complete for harvest, with condition ratings improving to 52%.
The spring wheat crop is currently 95% planted, ahead of the 90% average, with a 73% emergence rate. Ratings improved to 50% good/excellent, with North Dakota seeing a 32-point increase. Meanwhile, Ukraine’s agriculture minister estimates the wheat crop at 20 to 22 million metric tons, below the USDA’s target of 23 million metric tons.
As of July 25, CBOT Wheat is priced at $5.36 3/4, KCBT Wheat at $5.37 1/4, and MGEX Wheat at $6.19 1/2.
