Wheat futures are posting double-digit gains across all three markets on Wednesday, with contracts up 11 to 19 cents. Chicago SRW wheat for September delivery is currently up 18 3/4 cents at $6.78, while December is up 17 3/4 cents at $6.96. KC HRW wheat for September is up 17 cents at $7.33, and December is up 16 1/2 cents at $7.49 1/2. MIAX spring wheat for September is up 10 cents at $7.04 1/4, and December is up 11 cents at $7.28 1/4. The rally is supported by dry weather forecasts for the Northern Plains and a lower day-one yield estimate of 46 bushels per acre from the annual spring wheat tour in southern North Dakota, which is 4 bushels below last year. USDA Crop Progress data showed spring wheat conditions declining to 53% good to excellent, down 5 percentage points, with the Brugler500 index falling 6 points to 345. Additionally, Sovecon lowered its Russian wheat crop estimate by 0.6 million metric tons to 88.3 million metric tons due to reduced acreage.
Same supply concerns (dry weather, lower yields, crop conditions) support HRW wheat prices.
Dry weather, lower yield estimates, and declining crop conditions reduce supply, pushing wheat futures up.