The wheat complex is shrugging off early weakness for midday gains. Chicago SRW contracts are fractionally in the green. KC HRW futures are 5 to 6 cents higher. MPLS spring wheat is leading the charge, up 7 to 8 cents.
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 is at $6.74 1/2, up 1/2 cent,
Dec 26 CBOT Wheat is at $6.92 1/4, up 3/4 cent,
Sep 26 KCBT Wheat is at $7.28 3/4, up 5 cents,
Dec 26 KCBT Wheat is at $7.45, up 6 cents,
Sep 26 MIAX Wheat is at $7.00 1/2, up 8 1/4 cents,
Dec 26 MIAX Wheat is at $7.24 3/4, up 7 1/2 cents,
