The wheat complex is trading with early Wednesday gains across the three markets. Futures posted some turnaround action on Tuesday, with contracts down across the three exchanges. Chicago SRW futures were 2 to 3 cents lower. Preliminary open interest was down 3,147 contracts. Kansas City HRW contracts saw weakness, with losses of 3 cents in the nearbys. Tuesday’s preliminary OI was up 2,934 contracts. Minneapolis spring wheat futures pulled back on the rating improvement, down 9 to 10 cents.

USDA’s weekly Crop Progress report showed winter wheat condition ratings back up 2% to 52%, with the Brugler500 index up 4 to 336.  Ratings in IL were down 14, with IN down 7. Improvement was noted in KS (+4), NE (+12), OK (+10), and TX (+10). Spring wheat ratings jumped 5%, all out of the poor/very poor categories, to 50% good/excellent, with the Brugler500 up 14 to 340. Ratings in ND was up 32 points, with MN and WA up 3.

Ukraine’s Ag minister estimates the country’s wheat crop near 20 to 22 MMT, which is below the 23 MMT from the USDA’s initial target. May exports totaled 849,700 MT according to Ag ministry data EU soft wheat exports since July have totaled 19.13 MMT in the 11 months to June 1. That lags the 28.76 MMT from the same point in the year prior. 

Jul 25 CBOT Wheat  closed at $5.36, down 3 cents, currently up 4 3/4 cents

Sep 25 CBOT Wheat  closed at $5.50 1/2, down 2 3/4 cents, currently up 4 3/4 cents

Jul 25 KCBT Wheat  closed at $5.36 3/4, down 3 cents, currently up 3 cents

Sep 25 KCBT Wheat  closed at $5.50 1/2, down 3 cents, currently up 3 cents

Jul 25 MGEX Wheat  closed at $6.18, down 9 1/4 cents, currently up 3 cents

Sep 25 MGEX Wheat  closed at $6.31 1/4, down 9 cents, currently up 3 1/2 cents