The wheat market is pulling back on the Tuesday session. Chicago futures are down 7 to 9 cents at midday. Delivery notices vs. July CBT wheat slowed to 201 contracts overnight, with all but 3 stopped by Marex customers. Kansas City futures are back down 10 to 11 cents today. There have been zero issues against KC July to date, with the oldest long patiently waiting since 12/28/23! MPLS spring wheat is down 4 to 5 cents on the session. 

Crop Progress data from Monday afternoon showed 54% of the US winter wheat crop now harvested, still 15% points faster than average. Condition ratings were down 1% to 51% gd/ex, with this week being the final rating for this crop. The final Brugler500 index for this year was 341, the best finish for the winter wheat crop since 2019 and down only 7 points from the initial. HRW ratings slipped 18 points on the growing season to 334, with SRW states averaging a 7-point improvement to 380, and an average of white wheat states up 8 points since early April at 361.

Spring wheat was 38% headed, 1% faster than normal. Just MT and MN were reported above normal. Condition ratings were up 1% to 72% gd/ex, vs. trade estimates calling for a drop, as the Brugler500 index was up 5 to 378 on a 4% up shift to excellent. MT was the only state to see a drop (by 9 points), with MN improving 18 points. 

Japan’s Ministry of Ag is looking for 129,660 MT of wheat from Australia, Canada, and the US in their weekly tender, as 59,670 MT US specific.

Jul 24 CBOT Wheat  is at $5.62, down 7 1/4 cents,

Sep 24 CBOT Wheat  is at $5.81 3/4, down 8 1/2 cents,

Jul 24 KCBT Wheat  is at $5.92, down 10 3/4 cents,

Sep 24 KCBT Wheat  is at $5.89 1/4, down 10 1/4 cents,

Jul 24 MGEX Wheat  is at $6.28, unch,

Sep 24 MGEX Wheat  is at $6.27 1/4, down 5 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.