Wheat is showing slightly stronger trade across the three exchanges so far on Wednesday, with all three higher. The wheat complex fell lower on Tuesday across all three markets. CBT soft red wheat futures were 3 to 4 1/4 cents lower on the day. KC HRW futures fell 6 to 7 cents. Both the September winter wheat contracts closed below the $5 mark. MPLS spring wheat was 2 to 3 cents lower across the front months. US prices are competitive on the world market, and recent Export Sales reports have shown the business, though the market has had a muted reaction.
Crop Progress data from USDA showed the US winter wheat 94% harvested, with 95% the normal harvest pace. Spring wheat conditions were listed at 50% gd/ex, up 1%, with the Brugler500 index back up 2 points at 333. The improvement was noted in ND, up 3 points, with ID 2 points higher. Deterioration was seen in MN, down 5 points, with SD down 2.
The European Commission estimates the EU soft wheat exports at 1.78 MMT from July 1 to August 17, which is less than half of the 3.76 MMT in the same period last year.
Sep 25 CBOT Wheat closed at $4.98 1/2, down 4 1/4 cents, currently up 2 3/4 cents
Dec 25 CBOT Wheat closed at $5.21 1/4, down 3 3/4 cents, currently up 2 3/4 cents
Sep 25 KCBT Wheat closed at $4.99 1/2, down 6 3/4 cents, currently up 1/4 cent
Dec 25 KCBT Wheat closed at $5.21 3/4, down 6 1/2 cents, currently unch
Sep 25 MGEX Wheat closed at $5.68 3/4, down 2 1/4 cents, currently up 1/4 cent
Dec 25 MGEX Wheat closed at $5.86 1/4, down 3 cents, currently up 1 cent
