Wheat is slipping back across the three exchanges this morning, with slight losses. The wheat complex weakness leaked into the Tuesday trade, closing mostly lower across the three markets. Chicago SRW wheat was fractionally lower in most contracts. Preliminary open interest was up 7,556 contracts on Tuesday. KC HRW contracts were 5 to 6 cents in the red on Tuesday. There were 4 deliveries issued for July KC wheat this morning. MPLS spring wheat saw losses of 6 to 8 cents at the close.

USDA’s Crop Progress data showed the US winter wheat crop at 53% harvested, behind the 54% average. Conditions were unchanged at 48% gd/ex as the Brugler 500 index was up 2 points to 331. The spring wheat crop was 61% headed, ahead of the 58% average. Spring wheat conditions were down 3% to 48% gd/ex, with the Brugler500 index down 8 to 337. By state, MN was down 8, with ND falling 4 points.

EU wheat exports are estimated at 20.33 MMT according to the European Commission from July 1 of last year to June 30, down from 31.07 MMT last year. Sovecon estimates the Russian wheat export total at 42.9 MMT, up 2.1 MMT from their previous number. 

Jul 25 CBOT Wheat  closed at $5.43, up 3 1/4 cents, currently unch

Sep 25 CBOT Wheat  closed at $5.47 3/4, down 3/4 cent, currently down 1 1/2 cents

Jul 25 KCBT Wheat  closed at $5.03 1/2, down 5 cents, currently unch

Sep 25 KCBT Wheat  closed at $5.22 1/2, down 5 cents, currently down 2 1/2 cents

Jul 25 MGEX Wheat  closed at $6.13, down 7 ¾ cents, currently unch

Sep 25 MGEX Wheat  closed at $6.29 3/4, down 7 1/2 cents, currently down 2 cents