Wheat is showing 3 to 5 ½ cent losses so far on Tuesday AM trade. The wheat complex posted mixed trade on Monday, with winter wheats holding firm and spring wheat slipping lower. Chicago SRW contracts saw fractional to 4 cent gains on the day. Open interest was down 2,230 contracts, mainly on a roll out of September (-18,038). KC HRW futures were mostly fractionally to 2 ¾ cents higher, with September down ½ cent. Open interest was up 3,000 contracts on Monday. MPLS spring wheat was 1 ¼ to 9 ½ cents lower across most contracts.
This week’s NASS Crop Progress report showed 91% of the US winter wheat crop harvested by Sunday, now matching the normal pace. The spring wheat crop was 24% harvested, ahead of the 19% 5-year average pace. Spring wheat conditions were down 4% at 51% gd/ex, with the Brugler500 index dropping 9 points to 339.
