Wheat markets experienced a rebound on Wednesday morning following declines the previous day. The wheat complex had faced downward pressure on Tuesday, with all three major markets closing lower.
Chicago SRW futures contracts had declined 11 to 14 cents on Tuesday, while KC HRW futures fell 9 1/2 to 11 1/4 cents across various contract months. Minneapolis spring wheat also posted losses, declining 5 1/2 to 10 3/4 cents across most contracts. Open interest rose 1,994 contracts during the selling pressure.
Crop conditions data released as part of the weekly NASS Crop Progress report showed spring wheat conditions improved by 2 percentage points to 55% good/excellent. The Brugler500 index advanced 6 points to 348. Regional assessments were mixed, with Montana and South Dakota ratings climbing 27 points, while North Dakota fell 7 points and Minnesota slipped 1 point.
Export statistics released by Census on Tuesday morning indicated 1.473 million metric tons of wheat exports in June, representing a 3-year low and a decline of 8.49% compared to May totals. Wednesday’s price action saw September CBOT wheat up 5 1/2 cents and December CBOT wheat up 5 1/4 cents from Tuesday’s close. Kansas City September and December contracts posted gains of 5 1/2 and 5 1/4 cents respectively, while Minneapolis contracts showed more modest advances of 1 1/2 and 1 3/4 cents.
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