July 23: Spring Wheat Prices Pop in Minneapolis

Spring wheat prices pushed higher in Minneapolis ahead of today’s crop progress and quality report from the USDA. In Chicago, corn, wheat, and soybean prices were up and down just a few cents. Ongoing concerns about global trade continued to weigh on the market as traders looked for buying opportunities across the board.

Here’s what else you need to know about grain trading in Chicago.

Spring Wheat Prices Show Solid Gains

In Minneapolis, spring wheat prices were on the rise Monday. September MGEX contracts added 7 cents to close the day at $5.62. The December contract added 7.25 cents to end the day at $5.785.

As Brennan noted this morning, weather conditions continue to provide support to wheat prices in Minneapolis. The heat continues to spread across Europe, a factor that is helping to push U.S. wheat prices higher.

This afternoon, the USDA reported that 80% of the spring wheat crop is rated good-to-excellent (G/E). That figure is well above the 33% reported during the same period last year. The table below provides a breakdown of the top six states in the U.S. and the related spring wheat quality.

Spring Wheat Crop Conditions

The agency also said that 96% of the crop has headed. That number is 3 points ahead of the 5-year average.

In Chicago, September SRW contracts dipped 2.25 cents to close the day just under $5.14. The December contract shed 0.75 cents to end the day a tick above $5.32.

In Kansas City, HRW contracts for September added 2.25 cents to end the day under $5.11. The December contract added 3 cents to close just under $5.37 per bushel.

This afternoon, the USDA reported that 80% of the winter wheat crop has been harvested. That is 1 point higher than the 5-year average. However, the figure is 3 points below the same period last year.

Winter Wheat Harvest Progress

Soybean Prices Dip in Chicago

The August soybean contract shed 2 cents and closed just under $8.48. The September contract fell 1.75 cents to end the day at $8.535.

The USDA reported that 70% of the soybean crop is rated G/E. That figure is 1 point higher than conditions last week. The figure is 13 points higher than the 5-year average. The table below offers a glimpse at soybean conditions for the week ending July 22.

Soybeans Crop Condition

Corn Prices Add Small Gains

September corn prices gained 2 cents in Chicago on Monday. The September contract closed the day just above $3.57 per bushel. The December contract added 2.25 cents to close the day a tick above $3.71.

This afternoon, the USDA said that 72% of the corn crop is rated G/E. That figure is even with the report from the previous week. The figure is well ahead of the 62% rated G/E during the same period last year. The chart below offers a breakdown of corn conditions in the top 10 producing states.

Corn Crop Conditions

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About the Author
Garrett Baldwin

Garrett Baldwin is a content strategist and editor at FarmLead. He covers the global grain markets and public policy issues related to the agricultural industry. He is a graduate of the Medill School of Journalism at Northwestern University. He also holds a Master’s Degree in Economic Policy from The Johns Hopkins University, an MS in Agricultural Economics from Purdue University, and an MBA in Finance from Indiana University.

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