Wheat futures rallied late on Tuesday, with contracts higher across all three markets. Chicago SRW contracts were 4 to 5 cents higher, while KC HRW futures rose 9 to 10.5 cents in the front months. MPLS spring wheat led the advance, gaining 11 to 12 cents, as forecasts showed little to no precipitation in the next week for Minnesota, the Dakotas, and the Pacific Northwest. USDA Crop Progress data indicated 74% of the US winter wheat crop is harvested, 3% ahead of normal, while spring wheat conditions fell 5% to 53% good to excellent, with the Brugler500 index dropping 6 points to 345. Sovecon lowered its Russian wheat crop estimate by 0.6 million metric tons to 88.3 million metric tons due to reduced acreage.
Spring wheat rally and dry forecast support HRW futures.
Spring wheat rally and dry forecast support SRW futures.