Wheat futures are trading with midday losses across all three U.S. exchanges on Tuesday. Chicago SRW contracts are down 9 to 10 cents, KC HRW futures are falling 9 to 10 cents, and MPLS spring wheat is 10 to 11 cents lower across most contracts. The NASS Crop Progress report showed 91% of the U.S. winter wheat crop harvested, matching the normal pace, while spring wheat harvest reached 24%, ahead of the 19% five-year average. Spring wheat conditions declined 4% to 51% good to excellent, with the Brugler500 index dropping 9 points to 339. Ahead of Wednesday's monthly Crop Production report, analysts surveyed by Reuters expect total wheat production of 1.525 billion bushels, an 11 million bushel cut from July, with winter wheat seen down 9 million bushels to 981 million bushels and spring wheat expected to slip 7 million bushels to 468 million bushels. U.S. ending stocks are projected at 715 million bushels, a 7 million bushel drop from last month. Sovecon estimates Russian wheat exports in August at 3 to 3.4 million metric tons, down from 4.5 million metric tons last year, while IKAR pegs the Russian wheat crop at 90 million metric tons, down 0.5 million metric tons from last month. EU soft wheat exports from July 1 to August 9 totaled 1.01 million metric tons, sharply below the 2.36 million metric tons in the same period last year.
KC HRW futures fall 9-10 cents as winter wheat harvest nears completion and production forecasts decline.
Wheat futures drop 9-10 cents on ample harvest progress and expectations of lower production estimates.
