Wheat is trading with losses across most contracts on Tuesday. Chicago SRW futures were 7 to 9 cents lower across the front months on Tuesday. Kansas City HRW contracts were 10 to 11 cents in the red. Minneapolis spring wheat futures saw 8 to 10 cent losses.
A Bloomberg survey of analysts shows expected wheat production ahead of Thursday’s crop progress report to be up 3 mbu to 1.924 bbu. Much of that is likely going to come from the winter wheat crop which is expected to rise nearly 8 mbu to 1.389 bbu. The HRW crop is seen up 4 mbu to 755, with SRW 2 mbu higher to 346 and the white wheat crop steady at 253. Old crop wheat stocks are expected to be up 4 mbu to 845, with the new crop total up 2 to 925 mbu.
The US winter wheat crop was tallied 4% harvested by Sunday, behind the 7% 5-year average. Each of the 18 reported states were behind normal. Ratings were up 2% to 54% gd/ex, as the Brugler500 was up 5 points to 341. The largest shift was noted in NE (+77 points), as gd/ex ratings jumped 20% to 43% and poor/very poor down 35% to 13%. Other notable improvement was TX (+20), with CO (+19), and OK (+9). Ratings in MT were down 38 points, with OR falling and WA down 12.
Crop Progress data had the spring wheat crop conditions improving another 3% to 53% gd/ex as the Brugler500 was up 7 points to 347. Much of that came in ND (+18), with SD (+10), MN (+6), and ID (+2) all improving. Deterioration was noted in MT and WA, losing 5 points.
EU soft wheat export have totaled 19.49 MMT according to the EU Commission data from July 1 to June 8, which lags the 29.23 MMT from the same period last year.
Jul 25 CBOT Wheat closed at $5.34 1/2, down 7 1/2 cents,
Sep 25 CBOT Wheat closed at $5.48 3/4, down 8 1/4 cents,
Jul 25 KCBT Wheat closed at $5.27 1/4, down 10 1/4 cents,
Sep 25 KCBT Wheat closed at $5.40, down 10 1/4 cents,
Jul 25 MGEX Wheat closed at $6.13 1/4, down 9 1/4 cents,
Sep 25 MGEX Wheat closed at $6.23 3/4, down 8 3/4 cents,
