The wheat complex is seeing some recovered strength across all three exchanges so far on Tuesday. Chicago SRW futures are up 12 to 14 cents on the day. KC HRW contracts are showing gains of 15 to 16 cents. MPLS spring wheat is also posting 15 to 16 gains across most contracts. 

The weekly Crop Progress report from NASS showed 80% of the crop planted, 4% behind normal, with emergence at 56% compared to the 61% average. The initial condition rating figure tallied 38% of the US crop in good/excellent categories which is down 10% from last year’s number. That translates to a 313 on the Brugler500 index, which encompasses all 5 USDA ratings, and is the second lowest initial rating on record. 

EU soft wheat exports have totaled 7.26 MMT as of October 25 since the first of July, according to the European Commission data. That is down from the 10.9 MMT in the same time last year. Algeria set a tender for Thursday deadline of at least 50,000 MT.

Dec 24 CBOT Wheat  is at $5.72 1/4, up 13 1/2 cents,

Mar 25 CBOT Wheat  is at $5.92 1/4, up 12 3/4 cents,

Dec 24 KCBT Wheat  is at $5.77, up 15 1/2 cents,

Mar 25 KCBT Wheat  is at $5.90 3/4, up 15 1/4 cents,

Dec 24 MGEX Wheat  is at $6.10 1/2, up 15 1/4 cents,

Mar 25 MGEX Wheat  is at $6.33 1/2, up 15 1/2 cents,