The wheat complex is trading with losses on Tuesday. Chicago SRW wheat is down 4 to 5 cents at midday. KC HRW futures are fractionally in the red at midday so far on Tuesday. MPLS spring wheat is trading with 2 to 3 cent losses across most contracts.

The Monday afternoon Crop Progress report showed the US winter wheat crop at 63% harvested, 1% below the 5-year average pace. The Spring wheat crop was 78% headed, 3% ahead of normal, with conditions up 4% to 54% gd/ex, as the Brugler500 index was up 4 points to 345.

Russian wheat production was estimated at 84 MMT by IKAR, a 0.5 MMT reduction from their prior number, with exports expected in 2025/26 at 42 MMT. Algeria purchased a large chunk of wheat this morning, with an estimated 1 MMT purchased. 

Sep 25 CBOT Wheat  is at $5.36 3/4, down 4 3/4 cents,

Dec 25 CBOT Wheat  is at $5.57 3/4, down 4 1/2 cents,

Sep 25 KCBT Wheat  is at $5.22 1/4, down 3/4 cent,

Dec 25 KCBT Wheat  is at $5.44 3/4, down 3/4 cent,

Sep 25 MGEX Wheat  is at $6.01, down 2 3/4 cents,

Dec 25 MGEX Wheat  is at $6.21 1/2, down 2 cents,