The wheat market extended the weakness into Tuesday as the winter wheats piled on pressure. Chicago SRW wheat was down 17 to 18 cents. KC HRW contracts were 15 to 16 cents in the red. MPLS spring wheat was just 1 to 4 cents lower.
The EU Commission has soft wheat exports at 19.93 MMT from July 1 to June 22, nearly the full marketing year, well below the 30.53 MMT from the same period last year.
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Russia’s wheat crop is estimated to total 83 MMT this growing season, according to Sovecon, which was up 0.2 MMT from the previous estimate.
Jul 25 CBOT Wheat closed at $5.35 3/4, down 17 cents, currently down 3 cents
Sep 25 CBOT Wheat closed at $5.52, down 17 1/2 cents, currently down 2 1/2 cents
Jul 25 KCBT Wheat closed at $5.34 3/4, down 15 1/4 cents, currently down 4 cents
Sep 25 KCBT Wheat closed at $5.49 3/4, down 15 1/4 cents, currently down 3 1/2 cents
Jul 25 MGEX Wheat closed at $6.25, down 1 3/4 cents, currently down 1/2 cent
Sep 25 MGEX Wheat closed at $6.41 3/4, down 3 1/2 cents, currently up 1/4 cent
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