The wheat market is trading with gains on Tuesday across all three markets. Chicago SRW futures are 13 to 14 cents higher across most front months. Kansas City HRW contracts are up 11 to 13 cents on the session. Minneapolis spring wheat futures are 6 to 7 cents in the green.

The weekly crop progress update from USDA showed winter wheat at 93% headed as of June 15th, slightly ahead of normal. Harvest has been slow, reaching 10% complete as of Sunday, behind the 16% average. NASS pegged the condition ratings at 52% good/excellent, which fell short of trade estimates, and was down 2% from last week. That equates to a 7 point drop on the Brugler500 index, to 334 points. Much of the drop came from NE (-24), MT (-18), NC (-20), ID (-15), TX (-12), and KS (-5). Just MI, OH, and OK were reported as improving.

The spring wheat crop was tallied at 4% headed by Sunday, lagging the 6% average pace. Condition ratings for the crop were up 4 percent to 57% good to excellent. That was a 5 point improvement on the Brugler500 index to 353. Ratings in ND were up 12 points, with SD up 7. The rest of the reported states were lower, with ID down 13 and MN 12 lower. 

The French soft wheat harvested area was trimmed by the country’s Farm Ministry, by 0.01 million hectares (30,000 acres) to 4.56 million hectares (11.26 million acres). EU wheat exports have totaled 19.76 MMT for the 2024/25 MY starting on July 1, which lags the 29.81 MMT from last year. Algeria has purchased a reported 420,000 MT in a recent tender on Tuesday.

Jul 25 CBOT Wheat  is at $5.50, up 13 1/2 cents,

Sep 25 CBOT Wheat  is at $5.66 1/4, up 14 cents,

Jul 25 KCBT Wheat  is at $5.48 1/4, up 12 1/4 cents,

Sep 25 KCBT Wheat  is at $5.62 1/2, up 11 3/4 cents,

Jul 25 MGEX Wheat  is at $6.29, up 6 1/4 cents,

Sep 25 MGEX Wheat  is at $6.42 1/2, up 6 1/2 cents,