Wheat is showing slight weakness on Wednesday morning. The wheat market snuck out some gains on the Tuesday session, with contract higher across the three markets at the close. Chicago SRW wheat was up 8 to 11 cents on the day. Preliminary open interest was up 10,076 contracts on Tuesday. There was 1 contract issued against CBT wheat overnight.  KC HRW contracts pushed higher into the close, up 4 to 5 cents. Tuesday’s preliminary OI was up 4,755 contracts. There were 129 deliveries against KC wheat overnight. MPLS spring wheat was up 7 to 8 cents across most contracts.

Crop Progress data tallied 37% of the US winter wheat crop as harvested by June 29, which is lagging the average pace by 5%. Conditions were down 1% to 48% good/excellent, with the Brugler500 index dropping 1 to 329. Of the major states, CO say the most improvement, up 28 points, with KS up 3. Ratings dropped in Ne by 25 points, with TX down 2. The spring wheat crop was 38% headed, 1% behind average. Conditions were 1% lower to 53% gd/ex, with the Brugler500 up 4 to 345 as poor/very poor ratings were down 1%. There was improvement noted in ND & MT (+2), SD (+8), with ID, MN, and WA all lower.

Ukraine wheat exports totaled 15.7 MMT in 2024/25 according to the country’s ag ministry, down from the 18.5 MMT in the year prior.

Jul 25 CBOT Wheat  closed at $5.37 1/4, up 8 1/2 cents, currently down 1 1/2 cents

Sep 25 CBOT Wheat  closed at $5.49, up 10 3/4 cents, currently down 2 3/4 cents

Jul 25 KCBT Wheat  closed at $5.10 3/4, up 4 3/4 cents, currently down 1 3/4 cents

Sep 25 KCBT Wheat  closed at $5.31 1/4, up 4 1/2 cents, currently down 2 1/4 cents

Jul 25 MGEX Wheat  closed at $6.10 1/4, up 7 1/4 cent, currently unch

Sep 25 MGEX Wheat  closed at $6.28 1/2, up 7 3/4 cent, currently down 2 3/4 cents