The wheat complex is under pressure across the three markets on Tuesday, with spring wheat contracts leading the charge. Chicago SRW contracts are 6 to 8 1/4 cents in the red at midday. KC HRW futures are showing 10 to 12 cent losses across the front months. MPLS spring wheat are down 20 to 23 ¾ cents.
NASS Crop Progress data showed 40% of the US winter wheat crop harvested by Sunday, 16% ahead of normal. Conditions were down 1% to 26% gd/ex, with the Brugler500 index 3 points lower to 264. An average of the major HRW states show a 2 point drop to 211 points, with SRW up 2 points at 359, and the white wheat states averaging 352, down 15 points on the week.
