The wheat market is posting a turnaround Tuesday trade, with winter wheats posting gains.  Chicago SRW futures are 3 to 4 cents in the green at Tuesday’s midday. There were 8 deliveries issued against May CBT wheat overnight. Kansas City HRW futures are trading with 3 to 4 cent gains at midday. There was a total of 3 deliveries against May KC wheat overnight. Minneapolis spring wheat futures are trading with 3 to 4 cent losses at midday.

The weekly Crop Progress update showed the spring wheat at 66% planted by Sunday, which is ahead of the 59% average pace. All states listed were above the 5-year average pace. Emergence was tallied at 27%, 8 percentage points ahead of normal. Winter wheat was listed at 53% headed, faster than the 45% average pace. Conditions were tallied at 54% good/excellent, which was up 3% from the previous week. The Brugler500 index improved 4 points to 338. There were several change by state, with NE ratings down 18 points, SD dropping 14, and KS slipping 4. Improvement was noted in TX, up 17 and OK 14 points better. 

Today is the first day of the annual Hard Red Wheat Tour through Kansas.

The French Farm Ministry estimates the country’s soft winter wheat acreage at 4.57 million hectares (11.29 million acres), down 0.4 million ha (100,000 acres) from the previous estimate. The EU Commission pegs the 2024/25 wheat exports out of the EU at 18.26 MMT from July 1 to May 11, down 9.15 MMT from the same period last year.

Jul 25 CBOT Wheat  is at $5.18 1/2, up 3 1/4 cents,

Sep 25 CBOT Wheat  is at $5.32 3/4, up 3 cents,

Jul 25 KCBT Wheat  is at $5.11 3/4, up 3 3/4 cents,

Sep 25 KCBT Wheat  is at $5.26 1/4, up 3 1/2 cents,

Jul 25 MGEX Wheat  is at $5.81, down 3 cents,

Sep 25 MGEX Wheat  is at $5.94 1/4, down 3 1/4 cents,