The wheat market saw Turnaround Tuesday action, with winter wheats posting gains.  Chicago SRW futures turned higher on Tuesday, with nearbys closing up 2 cents. Kansas City HRW futures closed with 3 to 4 cent gains. Minneapolis spring wheat futures saw continued weakness, with losses of 3 to 4 cents. 

The weekly Crop Progress update showed all six states listed ahead of the 5-year average planting pace. 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 changes 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, with the Day 1 route results announced later this evening. The tour will conclude on Thursday.

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  closed at $5.17 1/4, up 2 cents,

Sep 25 CBOT Wheat  closed at $5.31 3/4, up 2 cents,

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

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

Jul 25 MGEX Wheat  closed at $5.80 3/4, down 3 1/4 cents,

Sep 25 MGEX Wheat  closed at $5.93 3/4, down 3 3/4 cents,