Wheat futures are steady in most MPLS contracts at midday, with CBT down 2 to 4 cents and KC 5-6 cents in the red. Informa numbers released on Tuesday show all spring wheat other than Durum at 12.4 million acres, down from the USDA’s 12.6 million acres. Condition ratings in KS were down 1 point last week to 247, with OK up 15 and TX 2 points better. Spring wheat planting is progressing, but Washington is the only of the 6 states to show progress matching the average pace. Japan is seeking 89,937 MT of wheat from the US, Canada, and Australia. The weekly MOA tender will close Thursday, with 33,992 MT sought from the US. Egypt’s GASC purchased just 60,000 MT of Ukrainian wheat in their latest tender on Tuesday. Keep in mind that this was during local harvest, when they usually don’t buy much.

Jul 18 CBOT Wheat is at $4.89, down 2 1/4 cents,

Jul 18 KCBT Wheat is at $5.04 1/4, down 5 1/2 cents,

Jul 18 MGEX Wheat is at $6.01 1/2, unch ,

Market Commentary provided by:

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