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The wheat complex saw weakness on Wednesday. Crude oil losses of $4.48 on Wednesday continued to be a pressure factor. Chicago SRW futures were 10 to 13 cents lower at the close. KC HRW futures saw Wednesday losses of 2 ½ to 7 ½ cents. MPLS spring wheat posted 2 to 11 cent losses on the session
Crop Progress data showed the US spring wheat crop at 89% planted, 7 percentage points ahead of the 5-year average pace of 79%. Emergence was pegged at 56%. Montana was the only state to lag behind their normal emergence.Â
The winter wheat crop was at 78% headed, which was 8 percentage points head of normal. Condition ratings were down 1% to 26% gd/ex. The Brugler500 index was down 3 points to 268. The average of the main HRW states was 218, down another 2, the lowest for this specific week on record. The average of the SRW states was up 1 point to 360.Â
A South Korean flour mill purchased 100,000 MT of wheat from the US and Canada (50/50), in their tender overnight. SovEcon estimates the 2026 Russian wheat crop at 90.3 MMT, a 0.6 MMT hike from their previous number.Â
On the date of publication,
Austin Schroeder
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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