Wheat Rallies Late on Tuesday
The wheat complex shrugged off early weakness on Tuesday, with contracts higher across the three markets. Chicago SRW contracts were 4 to 5 cents in the green. KC HRW futures were up 9 to 10 ½ cents in the front months. MPLS spring wheat was the leader, with contracts 11 to 12 cents higher.
Spring wheat led the charge higher, as Minnesota/the Dakotas through the PWN are seen with little to no precip in the next week according to the NOAA 7-day QPF.
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NASS Crop Progress data showed 74% of the US winter wheat crop harvested by Sunday, 3% ahead of normal. The spring wheat crop was 86% headed, 1% ahead of the 5-year average pace. Spring wheat conditions were 53% gd/ex, down 5%, with the Brugler500 index 6 points lower to 345. Ratings were weaker amid all major states with exception to WA (+16), as ID (-13), MT (-15), ND/SD (-9), and MN (-1) were all lower.
Sovecon estimates the Russian wheat crop at 88.3 MMT, a 0.6 MMT drop from their previous number via a lower acreage total.
Sep 26 CBOT Wheat closed at $6.78, up 4 cents,
Dec 26 CBOT Wheat closed at $6.96, up 4 1/2 cents,
Sep 26 KCBT Wheat closed at $7.33, up 9 1/4 cents,
Dec 26 KCBT Wheat closed at $7.49 1/2, up 10 1/2 cents,
Sep 26 MIAX Wheat closed at $7.04 1/4, up 12 cents,
Dec 26 MIAX Wheat closed at $7.28 1/4, up 11 cents,
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