The wheat market fell lower on Tuesday, with contracts pulling off the weaker action into the close. Chicago SRW futures were still down 5 to 7 cents at the close. KC HRW futures were 4 to 5 cents lower on the session. MPLS spring wheat was 7 to 9 cents in the red.
Texas winter wheat ratings were reported at 37% gd/ex on Monday, up 4% from last week with the Brugler500 rating up 4 to 304. Oklahoma crop ratings were down 6% from the end of January at 34%, as the Brugler500 index was down 10 to 307.
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Russian wheat exports for the 2024/25 marketing year are estimated to total 42.2 MMT according to SovEcon’s latest numbers, a reduction of 0.6 MMT from the previous estimate. The 2025/26 estimate was seen at 38.9 MMT, up 0.6 MMT from their prior number.
The European Commission has tallied the 2024/25 EU wheat soft wheat exports at 13.65 MMT from July 1 through Sunday, which was down from the 21.31 MMT in the same period last year.
Mar 25 CBOT Wheat closed at $5.72 3/4, down 6 1/4 cents,
May 25 CBOT Wheat closed at $5.87 3/4, down 5 3/4 cents,
Mar 25 KCBT Wheat closed at $5.91 3/4, down 4 3/4 cents,
May 25 KCBT Wheat closed at $6.05 1/2, down 4 cents,
Mar 25 MGEX Wheat closed at $6.13, down 8 1/2 cents,
May 25 MGEX Wheat closed at $6.28 3/4, down 7 cents,
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
